2021-07-26 02:39:09
Bitcoin and whole market update -Bitcoin was falling hard until the Elon Musk's interview on 21st July. After this interview Bitcoin is seeing some growth . Volume spiked on 21st July then went moderate on later days. Today , on Sunday, volume is comparatively less as it's weekend.
Let's talk about 1D timeframe of Bitcoin -Bullish Scenario - BTC is currently trading at 34450$. Bitcoin has strong resistance on EMA50 level on daily timeframe. The zone of this resistance is 34900-35100$.
A close above above 35100 on Heikin Ashi chart on 1D Timeframe can give a Bullish sentiment towards next resistances 36630-36900 , 38500-38700 weak , 39600 (neutral) , 40000 psychological.
MACD indicator is also showing green on 1D Timeframe which is a good sign.
6H , 12H are in Bullish momentum now.
1W Timeframe -
Bitcoin had broken the EMA50 (Heikin Ashi chart) last week which was a bearish sentiment and now it is looking to reclaim it. Though on Candles it has already reclaimed it. MACD is still red on weekly so still there is less confirmations of bullish sentiment on weekly. It is bullish on lower timeframe as mentioned above.
Bearish Scenario -
The new gap which is created on CME charts can be a catalyst for some retracement. The new gap is now at 32500-34470 zone. As we all know that , 94/100 times CME gaps has been filled sooner or later.
Supports will be -
33210-33460 Local
32310-32400 weak
30600-30780 neutral
30000 Psychological (still)
28800-29250 strong (Recent low is creating good Support but it will be 3rd attempt to test it so it can get broken on 5th or in bad scenario 4th attempt)
23400-26100 Zone has become demand zone for investors. Note that - Weekly timeframe has not turned bullish yet.
Bitcoin dominance Analysis -
Bitcoin Dominance is currently at exact resistance of 46.80% as per tradingview index. It is looking to be Bullish on 1D and lower timeframes. It is still not Bullish on the timeframes above 1D. We recommend to not open new trades in BTC pair before any clear movement (wait and see if it breaks out of resistance or gets rejected) of BTC dominance.
Supports- 46.35 , 45.90 , 45 weak
44.10 , 42.30 important Supports
40.50% strong
Resistances -
46.80% (Testing currently)
48.60% Neutral (it was strong but it was tested in June) resistance
50.40% strong resistance
CMC (crypto market cap) Analysis-CMC is currently trading at 1.38T$ and it has strong resistance near EMA50 around 1.429-1.44T$ Zone.
It has found a good support at 1.152T$ while 1.26T$ will behave as neutral Support. Nearest Support is 1.341T$
After 1.44T$ resistance , it has next resistance at 1.521-1.53T$ , 1.62T$ resistance.
Timeframe 12H and lower timeframes are showing bullish sentiment while timeframe above 12H are yet to be bullish.
Crypto Market Cap Excluding Bitcoin (Altcoins Marketcap) Analysis -It is currently trading at 740B$ with resistance at 768.60B$ resistance and then 792B$ neutral resistance , 810B$ can behave good resistance while 900B$ has strong resistance which will take time.
Supports -
720B$ weak
666-675B$ Neutral
603-612B$ Strong
Bitcoin Marketcap has resistance at 666B$ weak , 720B$ neutral , 810B$ Strong.
Fundamentals -
After Elon Musk's Interview many things changed. He also indicated that he is owning BTC , ETH and DOGE. This has created some positivity in many people. The statements of Elon Musk may attract some institutions to jump in Crypto market. Also he is looking positive to accept Cryptocurrency again as a payment method for Tesla.
Conclusion for BTC is -
It will face resistance at 34900-35100$ zone but shorting nearby that is not yet adviced before 6H candle close.
Crypto Market Cap and BTC dominance are also near to the resistance hence it will be interesting to see the behaviour.
For altcoins - BTC pair is looking somewhat bearish while USDT pair can show slight uptrend because of Bullish signs by Altcoins Marketcap and Crypto Marketcap.
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