Bitcoin (BTC) Buyers Need To Close A Week Above $34,500
The previous trading week on the Bitcoin market passed without any significant shifts in the positive or negative direction. The targets of our previous idea are relevant:
After closing the previous weekly candle with a big pin down, the market expected a decent response from buyers and an attempt to test the upper limit of consolidation ($40,600-41,500). Of course, buyers started a local upward trend, but it is difficult to call it a proactive attack.
The last attempt of buyers on 29 June to take control of the average consolidation line of $35,600-35,700 was unsuccessful. Buyers were able to break this range for some time, but did not fix above it. Trading volumes after breaking this range were average. However, after this attack, a new attempt by buyers to seize $35,600-36,700 looks even weaker. The BTCUSDT price is approaching buyers’ trend line for the fourth time. If the situation on the BTC market does not change, then sellers will be able to test the range of $31,500-31,700. It is the keeping of this range that is the main condition for the breakout of the 3-month consolidation in the BTCUSD market upwards and the test of $50,000.
Bitcoin dominance declines
The dominance chart tells us about another local fall wave in the BTC market:
As we can see on the chart, the indicator is moving in a triangle and the downward trend is not over yet.
A slow and steady decline of the Bitcoin price dominance can have a positive effect on the altcoin market. While the BTC price has not been feeling very well over the past days, the COMPUSDT market has grown twice:
For a positive scenario in the cryptocurrency market, buyers need to close the current weekly candle in the range of $34,500-35,300. The weekly candles range have already broken this range for 7 times, but close above it:
Such a powerful series of false breakouts may indicate another medium-term growth wave. The main task of buyers is not to spoil this series.
Therefore, we think that this week may be the last week of testing buyers for strength.
Alternative scenario. If the range of $35,600-35,700 breaks upwards, the chance for another downward wave will be much less. At the moment, it is too risky to enter any position and we will expect either a test of $31,500-31,700, or the price fixing above $35,600-35,700.
Compound (COMP) Forecast – Where to Buy?
The forecast of the COMPUSDT trading pair has not been published for a long time.
We decided to publish today, because the Compound COMP token is one of the few altcoins that showed growth last week.
Over the past week, buyers have shown increased interest in the COMPUSDT pair, which can be seen in the combination of price growth + high trading volumes. Moreover, we did not find any screaming news that could push the price up. If we missed something, please write about it in the comments.
Now the price has hit the strong liquidity zone of $440-540, which the price was last tested for its strength on the rebound after the May fall.
Now it is more logical to see the COMPUSD price fall to test the strength of the zone $240-290 zone. If buyers again become active in this zone, this will be a clear signal to enter the long, because then buyers will show that they are strong and there are a lot of them. In this case, it will be possible to focus on further growth behind the white scenario.
If by that time the negative on the cryptocurrency market dominates, and the BTCUSDT price goes to update the low, then it is unlikely that the COMPUSD price will go against the general trend. In such a situation, it will be necessary to focus on the price movement behind the red scenario and the zone of $140-160 will be tasty for purchases.