The BTCDOM/USDT chart shows Bitcoin's dominance in the marketThe BTCDOM/USDT chart shows Bitcoin's dominance in the market, with current trading levels around 2,782.5. The price action has seen significant movements, including sharp rises and corrections, indicating a highly volatile market.
Key Points:
Support and Resistance Levels:
The price recently tested a high (HH) near 3,005.8 but faced strong resistance, leading to a correction.
Support has been identified around 2,754.8, where a recent long position was initiated. This level could serve as a crucial point for further upward movements.
Recent Trade Setups:
A long position was taken at 2,754.8, aiming for multiple take profit (TP) levels. The first TP level at 2,734.8 has been hit, and the price is now approaching the second TP at 2,714.9.
A short position was also entered near 2,763, but the price has since moved higher, possibly hitting the stop loss (SL) at 2,834.4.
Current Scenario:
The price is currently in a consolidation phase, moving between the key support and resistance levels. If it breaks above the recent high, it could retest the resistance around 2,834.4 and potentially move towards 3,000. Conversely, a break below 2,754.8 could lead to further declines, with potential targets around 2,688.4 and 2,635.3.
Potential Targets:
On the downside, the price might target the levels of 2,688.4 (TP3) and 2,635.3 (TP4) if the current support fails to hold.
On the upside, the key resistance levels to watch are at 2,834.4 and above, which the price needs to overcome to resume a bullish trend.
Conclusion:
BTCDOM/USDT is at a critical juncture, with the price testing key support and resistance levels. Traders should monitor the price action closely for a decisive breakout or breakdown, as this will determine the next significant move. Holding above 2,754.8 could indicate bullish potential, while a fall below this level might lead to a deeper correction.
