Bitcoin's price is undecided, but total market and volume may give us some clues.
Let's see
Last months
As we see in the graph, the total volume of the market continues to increase in recent months, but in recent weeks, it has decreased due to profit taking.
This indicates that there is a money inflow, in previous months, that is making investments in Bitcoin and Alcoins.
Last days
We also see that the bullish trend line has been broken and this could indicate profit taking from previous investments.
The total volume of the market is between the 21-period MA average lines and the 50-period daily chart.
Losing the 50-period MA mean line would not be a good sign if we review the past.
Elliot 5 Wave Cycle
We see that a 5 wave cycle has finished and should correct the volume of the total market.
Conclusion
Bitcoin's dominance is consolidating and could signal the start of a bullish cycle (see post), while total market volume has decreased on weekly analysis and has declined in recent days. which means that investments have bought alcoins for months, but part of this is being withdrawn (profit taking) or destined to invest in bitcoin, caution in alcoins.
But be careful.
Bitcon's dominance is key, in the face of a rapid rise in the price of Bitcoin it can trigger an increase in dominance and reduce the price of alcoins (investors take liquidity from alcoins to increase Bitcoin's price)
We are in key days of a definition of the price of bitcoin, they are key days, we must be attentive to these charts.
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
To be attentive
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