TradeCityPro | Bitcoin Daily Analysis #74👋 Welcome to TradeCity Pro!
Let's move on to Bitcoin and major crypto index analysis. As usual in this analysis, I want to review the triggers for the New York futures session for you.
⏳ 1-Hour Timeframe
In the 1-hour timeframe, as you can see, after the price was rejected from the 95306 area, it formed a short-term box between 93898 and 95306, and currently, the price is moving out of this box.
✔️ As you can see, after a large red candle and a second rejection from 95306, a lot of bearish momentum and selling volume entered the market, and now the price has broken the 93898 support. If the price stabilizes below this level, there is a possibility of a deeper correction down to 91945.
💥 The SMA99 indicator overlaps with the 93989 area, and if this PRZ (Potential Reversal Zone) formed by the price is broken, the probability of a further drop will increase.
⚡️ The RSI oscillator has also activated its divergence, and now we are seeing the effect of this divergence in the market. For a short position, if the 93898 area is broken, we can enter.
📈 For a long position, if the 93898 area gets faked out, we can enter a long with a fake breakout trigger in lower timeframes. The main trigger for a long is the break of 95306.
👑 BTC.D Analysis
Let's move on to Bitcoin Dominance. There is still a ranging box between 64.19 and 61.60, and the price is fluctuating between these two levels.
✨ Currently, confirmation for bullishness comes with a break of 64.60 or 64.41, and bearish confirmation comes with a break of 64.19.
📅 Total2 Analysis
Moving on to Total2, a ranging box has formed in this index between 1.03 and 1.05. These areas are suitable triggers for opening positions.
🧩 For a long position, a break of 1.05 could start the next bullish leg, with a target of 1.07.
🔽 For a short position, with a break of 1.03, the price could make a corrective move.
📅 USDT.D Analysis
Moving on to Tether Dominance, it is still struggling with the 4.99 support area and hasn't been able to stabilize below it.
📊 As long as this support holds, the next bullish leg in the market will not start. On the other hand, as long as dominance is below 5.14, the market trend remains bullish.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
