Bitcoin / TetherUSUpdated Key Bitcoin Price Levels and Dominance Analysis for Long and Sho
In my view, if I don't consider the potential breakdown of the 68,170 price level as a fakeout, we shouldn't dip below it. However, if the price breaks below, I would regard it as a false breakout and look to open a short position with a break of 67,594.47, provided that Bitcoin dominance also declines. If, during the breakdown, Bitcoin dominance remains bullish (green), shorting altcoins would be a better option.
On the other hand, if the 68,170 level doesn't turn out to be a fakeout, altcoins could offer solid long positions, especially if Bitcoin moves sideways or upward and Bitcoin dominance decreases. Otherwise, Bitcoin itself might present a better long opportunity.
In conclusion, monitoring the interplay between price levels and Bitcoin dominance will be key to determining the best positions, whether in Bitcoin or altcoins.
On the other hand, if the 68,170 level doesn't turn out to be a fakeout, altcoins could offer solid long positions, especially if Bitcoin moves sideways or upward and Bitcoin dominance decreases. Otherwise, Bitcoin itself might present a better long opportunity.
In conclusion, monitoring the interplay between price levels and Bitcoin dominance will be key to determining the best positions, whether in Bitcoin or altcoins.
Trade closed: target reached
I hope you've been able to capitalize on opening long positions in altcoins. The market has been showing signs of potential growth, and this could be the right time to enter with well-researched positions. The current technical indicators, combined with market sentiment, suggest that a bullish trend might be forming across several altcoins.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.