Bitcoin sees a strong buying pressure with Dominance increased!
So, if you have been following my ideas on TradingView, you'll know that I have published an idea showing the potential moves for BTC in the short term and you can see that BTC price action broke out and started its upward momentum, crossing the 50k mark!
Currently, although BTC sell-off was started before the weekly candle closing but immediate buying pressure indicates buying confidence in the market.
The last major resistance between BTC's current price and new ATH is a region of $57000-$60400. A rejection from this area can start a huge sell-off movement of price action of Bitcoin till the previously acting major resistance (now a support) around $50000.
Technical Indicators are turning bearish and are not validating BTC bullish price action. To cool them down, BTC will show some bearish movement or will move sideways for days.
There is one important thing which needs the attention is that BTC Dominance has increased so fast that Altcoins just seems to get paralyzed while Bitcoin moves up. This can also be the indication to stay cautious because with BTC.D increased, if BTC price starts strong downward movement, Altcoins will dump hard!
Trade Safe!
Muneeb.
Currently, although BTC sell-off was started before the weekly candle closing but immediate buying pressure indicates buying confidence in the market.
The last major resistance between BTC's current price and new ATH is a region of $57000-$60400. A rejection from this area can start a huge sell-off movement of price action of Bitcoin till the previously acting major resistance (now a support) around $50000.
Technical Indicators are turning bearish and are not validating BTC bullish price action. To cool them down, BTC will show some bearish movement or will move sideways for days.
There is one important thing which needs the attention is that BTC Dominance has increased so fast that Altcoins just seems to get paralyzed while Bitcoin moves up. This can also be the indication to stay cautious because with BTC.D increased, if BTC price starts strong downward movement, Altcoins will dump hard!
Trade Safe!
Muneeb.
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