BITCOIN is on the verge of a deep fall. What can save the growth
Updated
Bitcoin was unable to continue its growth trend, which began in May through the range of $72000-74000. Buyers were not even able to update the previous local high and were immediately hit back:
Buyers were unable to hold the local range of $68000 to continue the upward wave from May. And the worst part is that bitcoin's decline is happening on small volumes:
The last chance to save the growth trend is the range of 64500-65500. Right now, the BTC price is approaching a large number of buyer stop orders.
If the BTC price aggressively rebounds from this range and the daily candle closes above $68100, we expect BTC to continue to grow to $72000 and update local highs.
For now, we don't believe in this scenario, as the USDT dominance chart indicates that things may be just beginning:
The chart shows that a market drop of another 20-30% is highly likely. Therefore, in this case, we will consider short positions on bitcoin from the 68100 range.
Why there? Here is an hourly timeframe that shows that from this range, buyers began to slow down the price drop with limit orders:
If we assume that small traders opened short positions in this range, it is quite easy to pick them out.
The target for such a trade is $60,000. This target stems from our previous forecast and will be confirmed when the 64500-65500 range is broken down:
But what about other cryptocurrencies?
Write your thoughts in the comments!
Buyers were unable to hold the local range of $68000 to continue the upward wave from May. And the worst part is that bitcoin's decline is happening on small volumes:
The last chance to save the growth trend is the range of 64500-65500. Right now, the BTC price is approaching a large number of buyer stop orders.
If the BTC price aggressively rebounds from this range and the daily candle closes above $68100, we expect BTC to continue to grow to $72000 and update local highs.
For now, we don't believe in this scenario, as the USDT dominance chart indicates that things may be just beginning:
The chart shows that a market drop of another 20-30% is highly likely. Therefore, in this case, we will consider short positions on bitcoin from the 68100 range.
Why there? Here is an hourly timeframe that shows that from this range, buyers began to slow down the price drop with limit orders:
If we assume that small traders opened short positions in this range, it is quite easy to pick them out.
The target for such a trade is $60,000. This target stems from our previous forecast and will be confirmed when the 64500-65500 range is broken down:
But what about other cryptocurrencies?
Write your thoughts in the comments!
Note
Bitcoin bounced back to the liquid $68,000 zone we wrote about in the idea.The rebound took place in small volumes and without excitement on the part of buyers. Therefore, we expect a retest of $66,500 with a likely continuation of the decline to $64,500
A new Fed rate will be announced today. We expect volatility
Note
US CPI - 3.3%, with a forecast of 3.4%The first positive surge in the crypto market.
Now we are waiting for what Mr. Powell will say in an hour and what the new Fed rate will be 5.50% or lower
Note
Bitcoin price reached the range we expected (64500-65500).
We are watching the reaction of buyers.
Note
Sellers failed to break through the 64500 range for the second time. The chart shows that volumes increased during the attempt to break through this range. Therefore, there is still a chance for local growth of bitcoin to $70,000.
However, the dominance of USDT is starting to scare...
Make a full review of bitcoin in a new idea?
Note
Buyers have held the $64500 range and now the Bitcoin price has begun to rebound.The critical point of the local growth wave is at $66,500. If buyers manage to break through this range, we expect aggressive growth to $70,000.
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