Hello everyone, I will find you in this sixth issue of ”Bitcoin at 360 °”. In summary, a BTC analysis that will be confronted with the supply of stablecoins before continuing with technical analysis. Make yourself comfortable in your chair and I wish you happy reading!
Stablecoins that benefit from the drop in BTC
As the price of Bitcoin fell, the supply of the big three stablecoins USDT, USDC and DAI continued to increase.
Glassnode indicates that these increased by $ 14.2 billion, $ 9.72 billion and $ 1.22 billion respectively. Many people, out of fear, preferred to secure everything in stablecoins and flee recent volatility.
With this recent drop in cryptos, losses are at an all time high.
The decline always causing more liquidation for small carriers and people who have recently returned. In any case, the highest losses in history are recorded. A little reminder, it’s when everyone is bullish that you have to ask yourself questions and vice versa. Yeah, I know, it’s always easy to say that after the fact. Don’t let yourself be influenced.
Make way for technical analysis.
A bullish Weekly
Let’s take a step back with a graph in UT (Unit of Time) Weekly. Still bullish, the price formed a first bottom on the OB (Order Block).
An imbalance remains to be filled under our feet, in the zone of $ 21,000. Finally I placed on this graph an Andrews fork which highlights the rebound on the middle of the fork. A good thing that could show a real dip and a bullish recovery.
An undecided Daily
In Daily, we can observe the OB on which we made a small bounce.
Negative point, it is the loss of the MM200 (in blue on the graph) which served as price resistance. To resume a bullish cycle, the breakout of the latter is an important step.
A marked downtrend at CT (Short Term)
In 1 hour, the BMS (Break of Market Structure) is not broken. The imbalance was filled following a chartist figure of ETE (Shoulder Head Shoulder). The theoretical objective has not yet been reached, however.
So be careful with CT, the moving averages are blocking a rise in price and the trend remains short-term. In the longer term the average level of Andrew’s range is a good point for reloading and negotiating a dip.
Thanks for reading this new issue, never invest more than you can afford to lose and LEARN MORE. Good trade and see you next Friday for a new BTC article on CoinTribune! If you missed last week’s analysis, there she is !
Passionate about technical analysis and technology, I have been diligently following cryptocurrencies since 2017.
Beyond trading and investing, I try to democratize, in my own way, the ecosystem that will undoubtedly change our habits of tomorrow!
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.