According to Trader, which nails the 2024 BTC correction, what Bitcoin has to do to verify the rise is explained below.
A crypto analyst, known to have correctly called Bitcoin’s pre -trustee correction last year, believes that BTC should take back an important technical indicator as a support to recover the rise acceleration.
The crypto strategist Rekt Capital, a false, says that BTC appears to reflect the price action in 2021, when Bitcoin was combined between the two basic mobility average (EMAS) in the weekly graph in 2021.
According to Rekt, it must be Bitcoin transform 21 -week EMA, support to trigger the start of the rise price action.
Bit Bitcoin at the beginning of this week rejected the 21 -week EMA resistance (green).
As a result, Bitcoin continues to unite these two bull markets between EMAS, as in the middle of 2021.
However, for the future, the key confirmation signal for a rupture will be closed on a weekly closed on a re -test, which is cut to a new support (light blue circle) to a new support. “
Bitcoin is traded for 82,536 dollars during writing.
Looking at the Altcoin market, the trader, Waiting Alts continues to perform low performance compared to the BTC domination (BTC.D) graph, which monitors how much of the total crypto market value belongs to the flagship digital asset.
According to Rekt, BTC.D can reach a significant level of resistance that has remained intact since 2017 before losing steam. After this, the rect predicts that a real Altcoin season will be fruitful.
“BTC domination.
If the date is repeated, the real Altseason, which everyone expects, will begin when Bitcoin rejects the dominance of 71% (red). “
A decrease shows that BTC.D graph increases faster than Bitcoin. During writing, BTC.D dates back to 62.26%.
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