Nothing really changed, sitting in the same zone, yesterday jumped a little but not that much potential which can take it to 6500$ or above, so far just a small pump and then big dump, it's been doing the same for many months now and just dumping after a little pump! We are still in bearish zone and market conditions aren't good to trade, and if you in case open any trade, make sure to use tight stop-loss rather than keeping the trades open for days and lose the most of your money!
If Bitcoin consolidates around 6000-6500$ and do not go above this area, I am expecting a drop to 4500-5000$, so for me, every pump is an opportunity to short the Bitcoin at Bitmex, margin trading is more profitable in this kind of situation where Bitcoin is dumping!
Recommended leverage: 5x-10x
Exchange- Bitmex
We will analyze the Bitcoin and if we find any update, we will post here!
Meanwhile, you can watch the market reaction for new few hours/days to see if the market is good to trade!
BTC dominance 41.6% DOWN 0.3% in 24h Long-term downside resistance remains at 35.5%. 40% is now the new short-term resistance. Next major upward support is 42.7% (April 12th BTC buy candle level). resistance. After that, 45.7% would make a higher high for BTC dominance overall in 2018.
Global Cap $253B UP $12B in 24h The 2018 low of $248B has been broken. $291B short-term upward resistance.
Daily Global Volume $15.8B. UP $2.3B
BTC dominance peaked at an incredible 42.4% yesterday. Only 0.3% away from the historical support mentioned above. It went back down below 42% as Asia woke up only to return to the 42% level again and then finally decline after Europe woke up. This is an incredible run out of alt-coins over the past 6 weeks that just will not let up. Trends in BTC dominance tend to last weeks or months. Even when they don’t seem to make sense as we add more coins hitting markets post-ICO, it would seem obvious that BTC dominance would continue to fall as a long-term trend. But for some reason that is not the case.
The rise in BTC dominance does not mean that people want to choose to bet on BTC over alts. It means when global cap is falling, that people are moving their alts to BTC temporarily on the way back to fiat. It also means that new money into the space enters at BTC and exits back to fiat of stays in BTC ready for a quick exit. It is a change in speculative sentiment that is undeniable right now.
As much as I hate to say this, the move this morning feels more like a chance to clean up or close some old alt-coin positions rather than take new ones unless doing so only for a scalp trade of a few hours duration. Volume is good but we need to see consecutive green candles trending higher with increasing volume for more than a few hours to call a bottom.