TradeCityPro | Bitcoin Daily Analysis #72👋 Welcome to TradeCity Pro!
Let’s move on to Bitcoin analysis and the major crypto indexes. As usual, in this analysis, I’ll be reviewing the New York futures session triggers for you.
🔄 Yesterday’s Analysis
In yesterday’s analysis, I gave you a long trigger and said that if the price is supported at the 92007 area and moves toward 94283, you can enter the position after the breakout. This has happened now, and a few hours ago a candle closed above this area. Now we’ll have to see whether the price movement will continue or if it was a fakeout.
⚡️ Nothing else special has happened and for now, only the trigger is active. Personally, since I already had a Bitcoin position open, I opened this one on an altcoin instead, but Bitcoin was a better choice because dominance is rising again, and if you didn’t already have a position on Bitcoin, it would’ve been better to open one there.
Let’s get into the analysis to see how the market looks today.
⏳ 1-Hour Timeframe
As you can see, I placed a Fibonacci Extension over the bullish leg that started after the breakout of the 85550 level, and the 0.236 Fibonacci level overlaps with the 92007 level, where the price was supported.
💥 When the price rises from the 0.236 Fibonacci level, it means the trend strength is very high, and the price can easily start the next bullish leg. As you can see, that’s exactly what happened—the price quickly moved up to 94283 and is now above that level.
📚 So when the trend is this strong, rising from 0.236 and breaking the previous high, the next leg should start. If that doesn’t happen, it means there’s significant weakness in the uptrend. So if the price doesn’t move upward today and falls back below 94283, it would indicate strong trend weakness, and the likelihood of deeper corrections to lower Fibonacci levels like 0.382 or 0.5 will increase.
📈 For longs, as I told you yesterday, you can enter on the breakout of 94283, which is now active, but the price hasn’t started its move yet. So if you haven’t entered on this trigger, you can enter on a pullback to this level.
🔽 For shorts, even though I said a move back below 94283 would indicate significant weakness, always remember that weakness doesn’t mean trend reversal—it’s just a sign.
We confirm the trend reversal with a break of 92007 and the formation of lower lows and highs under this support. This would be the first short trigger and is considered quite risky.
📊 If you look closely, market volume has increased after the breakout. This shows a battle between buyers and sellers, and we need to see which side wins so we can join the winning team.
🧩 Also, pay attention to the RSI oscillator today. If RSI enters Overbought again, there’s potential for another sharp bullish move.
👑 BTC.D Analysis
Let’s look at Bitcoin dominance. BTC.D finally tested the 64.12 level and was supported there. Because of this volatility and the V-pattern formed in dominance, most altcoins activated their long triggers. But as dominance started rising again, altcoins fell back below their resistance levels, and if you had opened positions, there was a high chance you hit stop-loss. We can see this more clearly in the Total2 chart.
✔️ For BTC.D to continue rising, confirmation of the V-pattern through a breakout of 64.41 could act as a good trigger, with a move up to at least 64.60. However, the main trigger for the next bullish leg in BTC.D is a breakout above 64.60.
📅 Total2 Analysis
Let’s look at Total2. As I mentioned, most altcoin triggers were activated but didn’t follow through, and some even dropped and returned to their lows. This can be seen in Total2 as well.
✨ The reason for this is that money initially flowed into altcoins, activating their triggers. But simultaneously, Bitcoin’s trigger was also activated, and since BTC dominance rose, not much volume flowed into altcoins. That’s why Total2 is currently ranging around its 1.04 trigger level.
🔍 Regarding Total2, just like Bitcoin, this index was supported at the 0.382 Fibonacci level and activated its trigger at 1.04. A bounce from 0.382 indicates strong bullish trend momentum. (Bitcoin bounced from 0.236, which means BTC has an even stronger uptrend than Total2.)
🎲 So once the 1.04 trigger is activated, considering the strong trend momentum, a strong uptrend should start. If this doesn’t happen in the next few candles, the price will likely fall back below 1.04, and bearish momentum could enter the market.
📅 USDT.D Analysis
Let’s look at Tether dominance. As I’ve said in previous analyses, I believe the market is still moving in sync with USDT.D, and now it’s waiting for the 5% level to be broken.
🔑 That’s why Bitcoin and Total2 have both activated their triggers but haven’t started their major moves yet. In this bullish cycle, USDT dominance appears to have more weight than other indicators. I think the entire market is waiting for the 5% level in this index to break so that capital flows into Bitcoin and altcoins.
🔼 I recommend that if the 5% level breaks, be sure to have at least one long position open.
❌ 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.
