Analysis of Bitcoin price / Altcoins /BTC.D and USDT.D dominance

6 thg 3, 2023

This trading week may be relatively calm.

Continuing the global idea published last week, we assume that this week will be a sideways movement to the right for Bitcoin price in the range of $22-23k.

$23,000 is a critical level, and if buyers fail to secure the price of BTC above this mark during the week, further decline is inevitable.
The first targets from below are the $20726-21026 trading range for BTCUSDT price.

In our opinion, this trading week can be used for two purposes:
1. Exit from altcoin longs at more favorable prices than they are now
2. Search for potential entry points for shorts. Entering a short can be both for the purpose of a full-fledged trade and for the purpose of hedging your current long positions.

The BTC.D chart shows that Bitcoin's dominance has all the prerequisites for continued growth


USDT.D chart shows that the dominance of stablecoin has a growth potential of +15-20%


Our interpretation of the information from these charts:
"In the worst-case scenario, which we should prepare ourselves for, crypto community members will be moving out of crypto assets to stablecoins. At the same time, the price of BTC may fall much less than the price of other altcoins in %%, as the dominance of BTC will grow. We consider the chance of a -25-50% drop in the prices of most altcoins by the end of March to be quite high."

We also recall that starting from 10.03.2023, the US macroeconomic indicators, which now strongly control "the move direction" of the global financial markets, will begin to be announced in a cascade. There will also be important crypto options expirations at the end of the month.
But we will analyze all this in the next idea for BTCUSD
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7 thg 3, 2023

Ghi chú

If you look at the historical dynamics of the BTC price, you will notice an interesting pattern:
- if March is red, the next 2-3 months are green
- if March is green, the following months are red.

What do you think? What will the BTCUSDT price do in March 2023?)