BTC dominance is currently at 53.6% (+0.5%). The total market cap is currently at $139.4 billion (- $11.1 billion). The market volume of the last 24h was $14.4 billion (- $2.7 billion).
Main question right now is about mining and if that is profitable for miners to mine Bitcoin?
We are not going to follow the crowd and listen to the rumours but rather check real data on Blockchain and let you know the real truth about mining profitability. In the post after this market update, we will cover this topic so make sure you read that article.
While one side is turning off their machines, others are buying more and expanding their business (Bitmain).
We are looking at this time frame because daily is currenlty too small time frame for general market and weekly is a little bit too big so 3D is kinda ideal.
What we see on this time frame is that it is currently forming potential doji candle that is well known as reversal sign. This candle is closing today so in case it closes as doji, it will create potential bullish momentum and we may see some up moves.
On the other side, if price closes below 4100-4000, the bullish scenario is going to be canceled and we will get bearish mometum and trigger for 3600-3700 area.
We are currently scalping the market because it offers a lot of volatility and our main focus is on short entries. If we see bullish close on 3D, we will check 1D and H4 and look for long entries as well.
In case of bullish scenario we will get mometum to 5000-5200 area and in case bearish, we will target 3600-3700 area.