Weekly Market Update 1-Jan-2020

Welcome To TradingABCD Market in depth Updates, here we Analyze the overall Crypto Market outlook Based on comprehensive Analysis.

 

1-Bitcoin:

After recording impressive gains from 6500$ up to 9189$, normal and Typical correction is ongoing as we got rejected by the weekly Resistance zone

Based on Fibonacci confluence Zones, we are projecting three zones as a potential support for bitcoin:

These Key Levels shown on Chart are key for any potential bounce,

8125-8170$  the first zone which is Fibonacci 38.2% is usually the very first sign of Strong bullish continuation

7790-7820$  non-Standard Fib 50% in addition to Key S/R Zone

7467-7510$  Key S/R Zone + Fib 61.8% (The Golden Pocket)

 

2- Bitcoin Dominance:

Bitcoin Dominance has broken below 69% where we had DMA100, DMA200 and important Horizontal S/R Level.

We do expect the dominance to continue its way down till halving, a bearish retest to 69% zone would be great to trigger good entries across the Majors and big caps.

We are aiming mainly to load LTC & DASH and we will consider other Majors as well such as EOS, ETC, ZCASH, … below that level we have two support level for dominance where it can bounce and lead some pain for Alts/BTC pairs, there we better take profit of ALts and be careful when we try to open any new Alts/BTC positions.

 

The understanding of the relation between BTC.D . BTCUSD and ALTs performance is a key for your Alts trading. it’s always giving an EDGE for the trader to know When to push for more Alts positions and when to be selective and patient

Much Details on Chart:

 

 

3-Alts/USD outlook:

Alts/USD made huge runs recently, mainly majors and big caps, triggered by the great combination of BTCUSD going up w& BTC.D going down.

Now Majors are correcting, We Are eyeing for further correction to get good entries on ETH/USD, DASH/USD, LTC/USD, ETC/USD ZEC/USD and others.

 

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Note:

The content is for educational purposes, please never consider it as a financial advise.