BTC dominance is currently at 55.0% (-0.1%). The total market cap is currently at $110.5 billion (- $1.9 billion). The market volume of the last 24 was $13.1 billion (- $1.1 billion).
As there is no significant news, we do not want to cover you with news about some banks and things like that. We would rather take time to share our view of current market situation and what could happen in upcoming days/weeks.
As you all now, Bitcoin has dropped from accumulation area of 6k all the way down to low 3k area and now we are testing long term weekly support levels.
So far, the first one at 3600 was broken and the price is heading towards next one in 2900-3000 area.
But, downtrend doesn’t mean straight move down same as the uptrend doesn’t mean straight line up. Check the uptrend from 2017 and you will see a lot of retracements of even 50% and after that we managed to go up.
So, that being said, even in extremely bearish market, you have to know that there will be up moves too and for traders, even move of $50-100 is enough to stop out them. That’s why we suggest you to wait for right setup and only once it gets confirmed, you should enter the position.
This one shows us very clear where are the important areas. We have 2 trading areas.
First one is 4350-3650 and second one is 3650-3300.
We are currently in the middle of second trading area and any trade would be naive move because this is the area where at the higher time frame everything is possible. Price manipulation, 5m candle fo $200, everything is possible because it wont affect higher picture too much. Because it can happen and wont affect higher time frames such as daily and weekly, this move could be in any direction.
BTC dropped 50% in less than a month and now newbies are starting to short it 🙈
Easy money on short position has gone.
Most of traders ignore trading volume. Look at the volume. It is constantly dropping and by dropping it is forming bullish divergance. Volume bullish divergance is one of the strongest signs you may get. It means that leading trend is losing strength.
The point of this post is to give you an overal point. Even if that is dropping, do not short is just because it is dropping but rather wait for safe trade setup. On the other side, do not long just because we are too low but again wait for confirmation and safe entry.
Considering that we are in the middle of the trading area, the trading is suggested at the lower or upper side of the trading channel. In case we leave this channel from above or below, the perfet trade would be on retest.
Focus on confirmation and waiting for trade setup. Once it happens, enter the trade and wait for profit to come.
The second trading channel is important because it will determine the next few dasy/weeks. If it enters uppwer trading channel, we can see BTC again above 4000. On the other side, if we see drop outside of this trading channel, new low is probably going to be established and we will move towards next weekly support at 2900.
BTC dominance is currently at 54.8% (+0.1%). The total market cap is currently at $111.0 billion (+ $1.8 billion). The market volume of the last 24h was $13.8 billion (- $1.9 billion).
Now BTC is in the zone of motion detection, and since it is close to the 200MA strong zone on the weekly chart, this is a signal for a small price correction, since according to Eliot we are completing the 3rd wave (the strongest and most volatile in this method), but This does not mean that Bitcoin has found its bottom! it only means that we can fight off this level, but the market is still very bearish! News resources speak about the collapse of Bitcoin, we can see how the first wave was very strong, the second one no longer has a large volume, which also indicates a possible price correction, and overheated short positions that create a wave of purchases when closing! If you are still in short position, use the Stop!
More info: dabinside.com/vip-trade-2/
It is clear that Bitcoin price was a bubble. Too high or too much of everything can cause a bubble, like a Tulip bubble.
We warns you of potential short positions bubble, also known as, short squeeze.
Once we hit the support, the area of interest for whales, move of $500-1000 could happen in couple of minutes and close all these short positions.
Every opened long position has to be close by openingn short one. Every short opened position has to be closed by opening the long one.
All these short positions are going to become long sooner or later. It is automatiaclly buy. Even if the market is bearish, once the stop loss area is reached by small pump, the chain reaction could create huge spike.
If that happens, I am sure it will because all types of bubbles come to an end sooner or later, your stop loss if you were short wont be filled at your price but it can be filled few dollars or in extreme situations even few hundred dollars from yout stop loss price. If you remember in August 2018 when Bitmex was down, the chain reaction happened that pumped BTC from 6400 all the way up to 7100. Some of our friends get stopped out even $300 from their stop loss prices. If you are using too big position, it could literally vanish your whole account.
BTC W, 3D, D: Zoom out and keep things simple – $4k is a significant level on HTF charts. If BTC cant close this Daily above $4k, this bear pennant will eventually break down and we will test $3k. Make a simple plan and dont over trade.
Analyzing the CME Futures report can be seen as from November 20 to November 30, the number of long positions increased by 210 points, and the short position increased by 174 points, which still leaves the short position dominant! For December 1, the price has not changed much, which means that the positions still remain, but interestingly, the commercial positions where only one trader participates increased by…
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As you know, opening and closing strongly influences the price of cryptocurrency, often in favor of opening! Now we are seeing good profits from September 4 to November 30! The following closed on December 28 from and (19 from CBOE), respectively, the award can be seen as they closed today with more than 50% profit! to get the same profit on December 28, you need to make a path of 183% to a price of $ 10,000, which will be a good end of the year! From the left it is shown how for the period from November 30 to December 28, Bitcon increased by 106% and it was at the great overheating of all indicators, which tells us about a possible repetition of this movement! If the of July 2 opened for a short position, we will see a price of $ 1700-2300 that we will get a lot of inexperienced traders out of trading!
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It does not make sense to use higher time frames for trading, because they were too far from resistance, and using only lower time frames was more than enough.
Now we are in the zone where we do not recommend making any decisions, wait until either the red line of support or the blue line of resistance is broken through!
Today, much can be decided for further movement! CME Futures Closure and the G20 sumit