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Let’s move on to Bitcoin analysis — yesterday we saw Bitcoin’s reaction to the news, and now we’ll see what it plans to do today.
⏳ 4-Hour Timeframe
Yesterday, the 117,000 support level held, and Bitcoin managed to bounce from this area, preventing further decline.
✔️ As I mentioned before, if the price doesn’t close below this level, the overall trend remains bullish. As long as we stay above this zone, I’ll be looking for long triggers in the market, not shorts.
💥 Yesterday, with the news release, Bitcoin dominance saw an upward correction, but the overall trend remains bearish. If that continues, we can keep focusing more on altcoins.
🔔 Currently, there’s no trigger for opening a Bitcoin position, and personally, I’m not very eager to trade it now, because dominance is dropping, and as long as Bitcoin isn’t bearish, altcoins can keep moving up.
✨ Considering the sharp decline in volume in today’s candles, I think the chances are high that Bitcoin will range until the start of next week. If dominance continues its correction, the market won’t be giving us many trade setups over the next few days.
🔍 For now, it’s better to wait until our strategy’s structure and triggers form again, and then, once they’re activated, we can open our positions.
❌ 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.
