Coin: $BTC
Signal Type: Short🦍
Bitcoin has recently broken through its resistance line, but there isn't enough volume to support the move, so this could be a false breakout. This is not the only reason for my concern, though. Let me explain further.
BTC Chart Analysis:
As you can see, USDT dominance has bounced back from its support line. This is a bad sign for Bitcoin and other altcoins. If USDT dominance increases, it means the market could become more volatile, which is usually bearish for crypto. There is a resistance line on USDT dominance. If it breaks above this line, it could cause the market to drop, making me more bearish on Bitcoin.
RSI Indicator:
In the chart, you can also see that the RSI (Relative Strength Index) has broken its resistance line. This is a clear bullish sign, suggesting that USDT dominance will likely continue to rise, which is another reason I am bearish on Bitcoin.
USDT Dominance:
There is a lot of liquidity on the downside, which means the market could move lower. This strengthens my belief that Bitcoin will drop, and I am more confident in my short position on Bitcoin.
Liquidity Heatmap:
Based on the liquidity heatmap, there is more potential for a downward move, confirming my bearish outlook.
Trade Setup:
Entry Price: $100,700 (Join my live stream for premium signals)
1st Take Profit (TP): $97,000
2nd Take Profit (TP): $95,000
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