In the coming days, it will become clear what trend we will see in the crypto market in the coming weeks.
Waiting without a position is probably the most difficult position to take.
But it is necessary to do this in order to move to the stronger side after one of the scenarios is confirmed.
And while we wait and watch who will be stronger, buyers or sellers, you can visit our global idea for BTCUSD and choose the route that suits you best.
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- If buyers hold 27000-27400 $, there will be a chance for continued growth.
- Below the critical level, i.e. below 27000$, there are a lot of long positions stop orders. If these stops will be broken, the BTCUSDT price will plummet.
Waiting without a position is probably the most difficult position to take.
But it is necessary to do this in order to move to the stronger side after one of the scenarios is confirmed.
And while we wait and watch who will be stronger, buyers or sellers, you can visit our global idea for BTCUSD and choose the route that suits you best.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
Note
The chart of USDT's dominance also suggests that the critical point is close.An upward trend in dominance means that people are leaving crypto for stablecoin, and crypto asset prices are falling.
Downward dominance means rising prices on the crypto market.
Note
Bitcoin's dominance has reached its max levels in more than 2 years.What is interesting
in 2021, when Bitcoin's dominance was falling, capital flowed into altcoins and the entire crypto market grew
in 2022, the dominance of bitcoin fell down from the same 49%, but then the crypto market was bleeding, with assets showing -50-80%
in 2023, the correction of BTC dominance has now begun, how do you think the cryptocurrency market will react?
Note
Buyers are trying to push the BTCUSDT price up from the critical zone.At the same time, bitcoin's dominance is growing
USDT's dominance is slightly corrected downward, it needs to fall stronger.
Only then will altcoins start to catch up with BTC's growth
Note
Finally, a decent rebound from the critical zone.For today/tomorrow, buyers have a task to prevent the price of BTC from falling below $28k.
Note
Despite a difficult April for financial markets (bankruptcies of banks, etc.), BTC buyers managed to close it with a "plus"In two days, the Fed will announce a new rate, which will finally indicate the price trend for the next month.
Note
Buyers are trying to keep the BTCUSDT price above the critical level and move it with a blue scenarioNote
In 8 hours (18:00 UTC), the Fed will announce a new rate. 85% of respondents expect a rate hike of +0.25%.That is, at this time, an increase in volatility is guaranteed, within the consolidation of 27000-31000$
If there is a +0.25% increase, it can be assumed that the cryptocurrency market will continue to grow, as this information has already been "digested" and priced in.
If Mr. Powell says "something" contrary to market expectations, the price may start to fall down like a rock.
To protect your trading deposit from sudden changes, it is better not to trade while the BTCUSDT price is in a consolidation range of 27000-31000$
Above 31000$ - a confident long
Below 27000$ - a confident short
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🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
Related publications
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.