Will BTC touch 50K before retesting 20K?
Hello people,
In this post I am going to analyze BTCUSDT, BTC.D and USDT.D in the weekly timeframe. As you see in the big picture BTC is sitting on an important Fibonacci zone(1.618). Will this zone support the price and push BTC higher before any retest of its previous ATH around 20K? Only time and the market will answer this question but there are some technical hints that we need to consider. First of all, ADX shows a huge bullish momentum which is the indication of rising BTC investment heat in the world. So we are in a high demand for BTC and there is not a single day that you don't hear a news about a politician, a famous investor or a well-known company talking about BTC or investing millions in it.
This is BTC dominance chart in weekly timeframe. As you see the price action is retesting a bearish trendline that has been broken validly about six candles ago. And I think the chances of the seventh candle being a green one is very high because 100 MA is right there to push BTC dominance to rise at least to 0.382 level. And maybe after that we see a retest of100 MA again before lofting for new higher highs.
On the other hand, Tether's dominance is not in a bullish situation although there is a green bullish candle sitting on 100 MA. As you see there is a huge resistance area up above the price action which consists of 21EMA, 55EMA and the bearish trendline, all happened to appear in 0.382 well known Fibonacci level.
All in all I think BTC's rally isn't finished yet and 2021 would be a memorable year for the crypto market.
Please hit the like button if the analysis appeals to you.
If no, or if you think I have missed out some thing please comment down below. I would highly appreciate your collaboration.
take care and trade safe.
BTCUSDT
BTC.D
USDT.D
In this post I am going to analyze BTCUSDT, BTC.D and USDT.D in the weekly timeframe. As you see in the big picture BTC is sitting on an important Fibonacci zone(1.618). Will this zone support the price and push BTC higher before any retest of its previous ATH around 20K? Only time and the market will answer this question but there are some technical hints that we need to consider. First of all, ADX shows a huge bullish momentum which is the indication of rising BTC investment heat in the world. So we are in a high demand for BTC and there is not a single day that you don't hear a news about a politician, a famous investor or a well-known company talking about BTC or investing millions in it.
This is BTC dominance chart in weekly timeframe. As you see the price action is retesting a bearish trendline that has been broken validly about six candles ago. And I think the chances of the seventh candle being a green one is very high because 100 MA is right there to push BTC dominance to rise at least to 0.382 level. And maybe after that we see a retest of100 MA again before lofting for new higher highs.
On the other hand, Tether's dominance is not in a bullish situation although there is a green bullish candle sitting on 100 MA. As you see there is a huge resistance area up above the price action which consists of 21EMA, 55EMA and the bearish trendline, all happened to appear in 0.382 well known Fibonacci level.
All in all I think BTC's rally isn't finished yet and 2021 would be a memorable year for the crypto market.
Please hit the like button if the analysis appeals to you.
If no, or if you think I have missed out some thing please comment down below. I would highly appreciate your collaboration.
take care and trade safe.
BTCUSDTBTC.DUSDT.D
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