$BTC Breakthrough of key BTC dominance indicators 🟡
Bitcoin's dominance has touched a trend line that has existed for almost 8 years (each touch led to an altcoin season)
Also, we touched on another indicator that has never let us down; always after its breakthrough, we observed a reversal in dominance. You can see the confirmation of all this on the chart.
Once again, it is proven that we are on the verge of a reversal in the altcoin sector. Let's take note.
Donald Trump will hold a crypto summit at the White House on March 7th!
Considering that Trump is actively supporting crypto, I think the summit will go positively, which will be good for the market's condition.
Against the backdrop of this event, there is a high probability of seeing a good market rebound on the 7th. I think that before this summit, we will see sideways movement or another good correction to liquidate excess longs, however, on the day of the event, it's better to bet on growth.
Bitcoin today reacted with a decent pullback of -6% and is currently trading around $89,000.
After yesterday's rise, we received an optimal pullback that neutralized the market sentiment.
In 10 minutes, Trump is set to speak and make a so-called "investment statement," which is highly likely to bring us strong volatility. If the statement is about the crypto market, we will once again receive a good buyback and an immediate market surge. Therefore, the further movement of Bitcoin is most likely to be determined today after his speech.
It is important to note that we have left an unclosed gap at the level of $85,000, which we must cover in any case. If Trump's speech is positive, we will see growth and later return to cover the gap. However, if the speech is neutral or negative, we will immediately go for covering our gap.
Trump officially announced today the creation of the country's crypto reserve, consisting of BTC, ETH, SOL, XRP, and ADA.
After the announcement was published, the market reacted with an immediate surge, especially the listed assets, which soared by 30+%.
Remember how much Trump advocated for crypto before the presidential elections? As we can see, he kept his word and is actively creating conditions for market growth.
After reaching the mark of $78,000, we got a decent bounce and are currently trading above $84,000.
Local sentiment has somewhat neutralized, however, there is still a strong fear dominating the market, accordingly, people in panic are actively selling their assets or are afraid to make purchases.
As before, I allow for a dip to ~$75,000, which should serve as the final pullback before a reversal.
I expect to see Bitcoin go even lower, however, altcoins should already be considered as optimal zones for reversal. I believe that we won't see altcoins significantly lower than this.
Fear in the market today is at a historic peak – 10!
These are record values that are reached either in a Bear Market or upon reaching a local bottom in the market. Current values should be interpreted as the end of a corrective movement, as in practice we have never observed a significant correction from current values. The onset of such a state of fear has always led to the quickest reversal. If you were planning to short the current market (especially altcoins), you should think carefully.
In the last day, the market capitalization decreased by $370 billion!
And the level of fear reached 25. For understanding, such values are most often reached in a bear market :)
Many have started to round off and exit altcoins because they are tired of sitting for months and waiting for growth.
Draw your conclusions, however, such a level of fear and the actions taken by the majority often lead to further reversal. Not immediately — but in a short time. Such fear cannot be sustained for long.
$BTC The final week of winter does not bode well for surprises. We have a terribly boring sideways trend on BTC with a spicy seasoning in the form of a fat channel behind some alt, in particular in the Solana ecosystem. We will talk about it in the next post. In general, a classic red Monday, which, according to tradition, we are preparing to buy back.
Since we are in the sideways trend, the Pivots levels set a fairly clear framework: around $93K is the minimum of the week, around $99K is the probable maximum. Therefore, the tactics are as simple as possible: we wait for $93,300 and in case of a buyer's reaction, we consider longs up to $99,300. These levels coincide with key liquidity pools.
Well, the exit from the big sideways trend is unlikely to happen this month, so we are waiting for spring and warming.
ETH eventually covered its correction in a day and returned to its original values (before the ByBit hack).
We managed to see the asset recover even on the weekend, which was a pleasant surprise and at the same time showed the strength of the asset against the backdrop of Bitcoin's downward trading, which once again indicates to us that in this cycle it is worth betting on further growth of ether and reaching a new maximum.
Now, after a small local pullback (within the specified trading channel), I expect to see the asset's final exit to $3,000+.
1 news in the wrong direction led to another significant correction across the market and $200 million in liquidations of traders who were in long positions.
One hacker is now happy to steal money from the exchange. Everyone else has to suffer again :)
Every time LINK dropped below -16% on the MVRV indicator, it responded by rising by 312%, 64%, 61%, 25% and 52%. This was always followed by a significant increase in the asset!
Now this indicator has reached -16.3% again, signaling us that a new bounce is on the horizon!
Bitcoin tested the $93,300 level overnight, then instantly turned off and responded with significant growth impulses of 3%, reaching the price of $96,300, where we are now trading.
We got what I told you earlier: before the final rebound, you should wait for the last puncture of the ~$93,000 level, from which there will be a reversal. So far, everything is going perfectly according to our scenario.
It was not for nothing that the shorts dominated their positions by $11 billion last night! They could not just be allowed to earn.
Now, with a successful consolidation above $96,000, we should expect the continuation of upward impulses and an exit to $98-100k. If we don't consolidate, we will get a small pullback and sideways trading around $95k-94.5k. after which we will go up. For now, the priority is the first schedule of events, but in any case, it is worth watching the closing of the day.
The market looks like it will continue to move in only one direction.
Everything is red, the market is either stagnant or showing downward movements, traders have already changed their direction in the market and are now all shorting en masse. Everywhere they are already starting to say that the correction will only continue and we will not get a reversal soon. Well, at the same time we are observing open shorts worth tens of billions of dollars, which greatly prevail in the current market.
Do you think the majority will make money on their open positions? As practice shows, such happiness rarely happens. Because feeding the majority of people with profit is simply not according to the rules of the market itself. And in this case, we still have a record of open positions in shorts, which even more strongly casts doubt on the further hike down. Let's draw conclusions.
The number of active addresses on the SOLANA network has decreased from 18.5 million (in November) to only 8.4 million today.
The last correction forced many to exit this asset.
However, it is worth noting that the largest number of people leaving the coin are small investors, while the big players are holding it unchanged or partially buying it. Even today I came across a whale address that was bought by Solana today for $7.89 million. This tells us that the current values can be freely considered as profitable marks for selecting a position.
As I noted earlier, I expect to see the completion of the Solana correction in the $160-$150 range.
Here I expect further growth from the specified trading range.
I believe that the current low is already the very bottom, below which we will not go, because all key factors have already reached peak values, from which it is worth waiting for a reversal.
If the current marks are not considered as the optimal recruitment zone, then I do not know what values we can still expect :)
Unlike the bulk of alts, this asset recovered very quickly after the last market correction.
This demonstrates the special power of buybacks in it and the fact that regardless of the state of the market, the asset can move much more easily according to its will, since it is not so dependent on Bitcoin itself.
Following the existing factors and the strong buybacks that we currently have, from the indicated level, I expect to see the asset reach $700+.
Traders were liquidated from the market for more than $2.1 billion in one day!
Whatever you understand, there was no such big downpour even during COVID-19 and even the FTX collapse.
Nevertheless, we must understand one thing: after such strong downpours, there was ALWAYS a reversal of the local trend and further growth impulses with the achievement of new highs. Confirmation of this can be seen in the attached chart.