There is a stagnation on the Bitcoin side these days, when altcoins are slowly moving. The same indecision has been going on for 3 weeks. As can be seen on the weekly chart, the last three weeks have been closed in the form of a doji (this week has not yet closed). That is, the candles closed more or less where they opened. Another notable thing is that the last three closes were above the orange level ($60,000).
A weekly close below this level would not be pleasant. There are up and down needles in the last three candles. When those pins are full, Bitcoin is unlocked. I follow Bitcoin weekly.
The price hold above the orange support is encouraging for investors to take more risk than usual in altcoins. There is a beautiful view. Bitcoin will show us how it will end. The compression here has to open in one direction.
AltcoinsOn the s side, I look at domination. The pullback has started again towards the purple support level. If BTC continues to squeeze like this, the push towards purple will continue. We can see a general market correction when the dominance comes around the 41.50 region.
Because domination has received support from mordan 2 times and it is likely to get support again. We saw a market correction at those levels as well. For this reason, considering the level I mentioned, it would make sense to at least attract profits according to your risk appetite.
Another issue is the FED. The general expectation was that the reduction in asset purchases would be finalized. Now, in the minds of the market, the timetable for the reduction in asset purchases has been finalized. The FED’s statement that “tapering is not a direct signal for an increase in interest rates” also calms the markets.
Therefore, there was no deterioration in the markets. After that, in case of surprise data, the prices will change as the expectations in the markets will change. So we will follow the data. There is currently no global risk that prevents an upward movement on the Bitcoin side.
Also on the gold side is the orange falling level resistance. In my opinion, the FED may act more severely about the increase in interest rates. For this reason, we may see a gold movement in the second half of 2022. Thank you for your patience.
I made an analysis where I gave three coins. Somebody $WRX, somebody $TEL. Both flew. Now it’s time for the third coin. Room $BTT. He’ll be 3 out of 3 when he flies, too. $BTTI’m waiting in He is also waiting in the green mean. pic.twitter.com/oY1z49EGGy
— Furkan Bozkurt (@BzkrtFrkn) November 4, 2021
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.