BTC 12h Weekly section: Bitcoin weekend №14

18 апр. 2021 г.

Taking into account the hot situation on the market, it is high time to resume the "Bitcoin weekend" section №14 and share our thoughts concerning the situation on the market.

Bitcoin has been growing on average volumes for almost a month. And last week, the market asked for a correction to cool the crazy growth. Only the news impulse was lacking to trigger the drain.
Most likely, the news trigger for the drain was a tweet that there are rumors that the US Treasury may soon accuse a number of financial institutions of using digital assets for money laundering.

Now according to the BTCUSD chart:
The fall of the 12h candle was 14-15%, the altcoins were drain from 20% to 80%+
The BTC fall stopped in the first liquidity zone around $51,000 and this is a good signal for buyers, because they could have thrown much lower, to $46,000, where the second liquidity zone is.
Now, in fact, half of the drain has been bought off and this is the second good call for buyers.

They write that they liquidated more than 9.5bn of futures positions from those who like to long with large leverage without stop.
The only thing that we can control when trading on the cryptocurrency market is the risks that we are ready to accept on a trading deposit. And we recommend that the risk per position is no more than 1-2% of the deposit.

If you look at the BTC dominance, then it finally broke the 3-year channel down and even reached the level that we expected around 53%.



Now, we should expect a rebound of the BTC dominance to 58-59%, which may be a positive factor for the BTC price growth. But how the altcoins will behave in such a situation is interesting to watch. Usually they are pulled up to BTC with a delay of several days.

The following observation also seemed interesting to us:
When the BTC dominance fell for the last month, it is logical that capital flowed into altcoins and they insanely grew, but in the last week the situation looked somewhat different.
It seems that large deposits have been sold out a lot last week:
- withdraw 80% in fiat and lent it out expensively for everyone who wanted to take longs.
The cost of a USDT loan for margin trading could go up to 3% per day, and sometimes there was not enough fiat at all to lend to everyone for margin trading.
- 20% were transferred to altcoins to show that there will be more growth, so take USDT in long at any price.
This is the picture that appears in our opinion...

The third liquidity zone BTCUSDT is $42,000. It is also a critical level for buyers, as there is room below for a fall to $32,000.

Considering our cautious trading with stops, which shows not too high, but stable growth of the deposit and skepticism towards statements such as: "the market will always grow", "this growth cannot be stopped", etc.
Still, we now more believe that there will be several days of consolidation and the continuation of the BTCUSD pair movement to the mark of $75,000 by mid-May.
And there, traders and investors say: "Sell in May and Go Away" Close all long positions and go on a well-deserved rest :)

By the way, today we will update the statistics of our 2-year trade marathon, which we launched 2 months ago.

Well, now my favorite:
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19 апр. 2021 г.

Заметка

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