Hello friends. There were reversals yesterday after the fake BTC ETF news. As I said in my previous Bitcoin analysis article, Bitcoin, which received strong support from the 44,729 USDT levels we followed, is trying to find a price action within the red channel I have drawn again. In order to get back to the trend and talk about the channel target, we need to test the 46000 levels and make a 4H close above the red channel.
When we look at the dominance side, we see that there is a money flow to ATCs with a very sharp decline. It realized the contracting triangle break that I followed before and after reaching the targets of 55.18, it received a harsh rejection from here. Let's not forget that there must be declines for there to be rises. I think that with this decrease, the formation will turn into the OBO formation and I think we will follow this formation from now on. If we can complete the formation, we may see a retreat to 52.10 levels. From here, we will make a rapid jump to 54.29 levels with a harsh reaction. From there we will come back to 57.33 levels, which is the target of our OBO formation. We should not forget that the decline to 52.10 is contrary to fundamental analysis. With a sudden BTC ETF approval, we may see sharp increases in out-of-formation re-dominance. These are the formations and charts I will follow unless there is a news flow. What I tell you is not investment advice. I wish everyone a good day.
