BTCUSDT
Hello traders,
As we can see from the chart Bitcoin is trading within descending channel for a while making lower highs and lower lows. Now it has approached bottom of the channel which intersects with diagonal line (diagonal support) and is trading on a major support zone around 46-48k. Traders will decide which way the price will break. As we can see from volume profile indicator most price action takes place around 47-48k levels and short term fate of the bitcoin will be decided in coming days. As most of the volume occurs on this range most likely we will see an upside or downside movement in short term period.
There is also a factor of BTC dominance which we should take into account while analyzing bitcoin prices, which is around 40% support level and is making triple bottom pattern which is a short term bullish reversal sign. BTC dominance and BTC prices will affect the fate of alt coins in coming days.
There are two possible scenarios in my opinion.
1. Price will break out of channel in upward direction with an increase in BTC dominance and we will see 55-56k prices in early January.
2. Price will break out of channel in downward direction with an increase in BTC dominance and probably we will see 40K in early January which means the end of the game for alt coins.
I am not trading Bitcoin at the moment and will open a position after a breakout confirmation in either direction.
Good luck and trade smart! (not a financial advice)
Please like and share if you like my idea.