$BTC BTC is still within the key resistance zone between 72K to 75K, where it's testing the range highs and approaching the bear flag highs. This is occurring within our broader BTC resistance zone that extends to 72K to 80K. Following this retest, BTC has shown a 4-hour bearish divergence, while USDT dominance has shown a 4-hour bullish divergence. This suggests caution should be maintained regarding new long positions. Shorting remains more appropriate. Observing CVD flows, we're seeing significant spot distribution at these levels, while price is primarily supported by futures positions.
Meanwhile, USDT dominance is once again approaching the 7.60% range low, potentially extending to around 7.35% bull flag low. As long as these flags don't break down, there's potential for this to eventually lead to lower levels in the market, similar to patterns we observed earlier this year. If these flags play out, my targets are to reach at least the bull flag high on USDT and the bear flag low on BTC over the next several weeks, and potentially even break through these flags. I believe this will lead to a very volatile period for the crypto market. There are still similarities with price action from June 2022.#加密市场上涨
$BTC BTC is still within the key resistance zone between 72K to 75K, where it's testing the range highs and approaching the bear flag highs. This is occurring within our broader BTC resistance zone that extends to 72K to 80K. Following this retest, BTC has shown a 4-hour bearish divergence, while USDT dominance has shown a 4-hour bullish divergence. This suggests caution should be maintained regarding new long positions. Shorting remains more appropriate. Observing CVD flows, we're seeing significant spot distribution at these levels, while price is primarily supported by futures positions.
Meanwhile, USDT dominance is once again approaching the 7.60% range low, potentially extending to around 7.35% bull flag low. As long as these flags don't break down, there's potential for this to eventually lead to lower levels in the market, similar to patterns we observed earlier this year. If these flags play out, my targets are to reach at least the bull flag high on USDT and the bear flag low on BTC over the next several weeks, and potentially even break through these flags. I believe this will lead to a very volatile period for the crypto market. There are still similarities with price action from June 2022.#加密市场上涨