Market Overview and Bitcoin Price Analysis Short Term (03/12)
BTC Technical Analysis
Yesterday's most notable H4 bar was the H4 bar that created a False break - false break - as it was a bearish pinbar - bearish pinbar - large and almost enveloped the previous H4 bars, thereby showing strong repulsion. from above, showing good selling pressure. The rising volume also confirms this resistance.
In terms of trend structure, with higher peaks/lows, BTC at H4 is still in a short-term uptrend. The support areas below, therefore, will continue to be effective short-term buying zones. The buy signal would be better if BTC made a false breakout of the nearest lows and then pulled back up. False break signals will help create a good price push.
Market Overview
Data from TradingView shows BTC bulls buying in between $16,800 and $17,000.
Meanwhile, the US dollar is showing downside momentum, leaving the bulls unnerved as the US dollar index (DXY) hits a 5-month low.
DXY dropped to just 104.37 before bouncing back above 105 when Wall Street opened.
BTC/USD ended November with a 16.2% drop, after breaking through support to trade in a new range following the FTX event.
With Bitcoin successfully holding onto the $17,000 region, altcoins are showing slight upward momentum.
Leading the recovery were Aptos (APT) and GMX (GMX) with an increase of 8.08% and 6.97%, respectively. On the weekly timeframe, GMX has shown outstanding performance as it grows to over 18%. Uniswap (UNI), Quant (QNT), Trust Wallet Token (TWT), Decred (DCR), Avalanche (AVAX), Chiliz (CHZ)… are also projects that perform well in the short term, with an upward momentum of 4 – 4. 6%.
Yesterday's most notable H4 bar was the H4 bar that created a False break - false break - as it was a bearish pinbar - bearish pinbar - large and almost enveloped the previous H4 bars, thereby showing strong repulsion. from above, showing good selling pressure. The rising volume also confirms this resistance.
In terms of trend structure, with higher peaks/lows, BTC at H4 is still in a short-term uptrend. The support areas below, therefore, will continue to be effective short-term buying zones. The buy signal would be better if BTC made a false breakout of the nearest lows and then pulled back up. False break signals will help create a good price push.
Market Overview
Data from TradingView shows BTC bulls buying in between $16,800 and $17,000.
Meanwhile, the US dollar is showing downside momentum, leaving the bulls unnerved as the US dollar index (DXY) hits a 5-month low.
DXY dropped to just 104.37 before bouncing back above 105 when Wall Street opened.
BTC/USD ended November with a 16.2% drop, after breaking through support to trade in a new range following the FTX event.
With Bitcoin successfully holding onto the $17,000 region, altcoins are showing slight upward momentum.
Leading the recovery were Aptos (APT) and GMX (GMX) with an increase of 8.08% and 6.97%, respectively. On the weekly timeframe, GMX has shown outstanding performance as it grows to over 18%. Uniswap (UNI), Quant (QNT), Trust Wallet Token (TWT), Decred (DCR), Avalanche (AVAX), Chiliz (CHZ)… are also projects that perform well in the short term, with an upward momentum of 4 – 4. 6%.
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