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Bitcoin Price Analysis: Today’s Market Opened With A Green Day After Weekend Sell-Off

1. Today's Trading Outlook

BTC / Bitcoin Chart ✅ DXY / US Dollar Index Chart ✅ Flash Services PMI News ✅ Crypto Money Flow ✅ Altcoins ✅ Conclusion ✅ Crypto News

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2. Bitcoin Chart:

Recap: Price went down and was glued to the purple line, then went sideways over the weekend. On sunday price went up quickly due to a breakout move by retail traders, this was a liquidation move and the price went back to the blue line.

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3. BTC Chart:

1. Price went back down to the blue line. This is acting as a median level before the news release! 2. Expecting BTC to go down and below the blue rectangle after the news release for the Flash Services PMI data. In a few hours expecting price to be below 19k.

4. DXY chart:

Price bounced off the major support today (black line).

Expecting price to continue to the upside due to the Flash Services PMI data being good for the US dollar.

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5. Flash Services PMI News:

Actual: In 2 hours. Forecast: 49.6 Previous month: 49.3

Expecting the data to be better than last month and to be above forecast.

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6. How to read Flash Services PMI results:

📉 Above forecast good for DXY / US dollar and bad for cryptocurrency such as Bitcoin and Altcoins

📈 Below forecast bad for DXY / US dollar and good for cryptocurrency such as Bitcoin and Alts

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7. Today's Crypto Money Flow:

Inflow:

Stable to BTC 3.2B Stable to ETH 890.6M Stable to BNB 9.2M Stable to MATIC 5.1M

Rest too small to mention.

Outflow:

BTC to Stable 1.1B ETH to Stable 511.9M

ETH to BETH 3.4M

Rest too small to mention.

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8. Altcoins

Mostly a green day so far with the following tokens leading the way:

NULS +60.7% gains

Tokens with gains between 8 - 22%

KLAY GAS RNDR LIT SUSHI MATIC CTXC STG OP

Rest of Alts gains 1 - 5%

Mostly a quiet day, a few altcoins being pumped and dumped.

9. Conclusion:

Expecting the Flash Services PMI data to be good for the US dollar and bad for the CryptoMarket.

Alts are making small gains mostly with a few pump and dumps currently.

Altcoins will lose their gains in the coming hours.

Bearish day expected.

10. CryptoNews

🎃 Canaan Technology Launches a New Generation of Bitcoin Miners Avalon Made A13 Series.

🎃 Russian parliament rejects crypto payment mining bill, new draft expected.

11. News (cont)

🎃 British and French law enforcement agencies have launched an investigation into the NFT market Sorare.

🎃 Chiliz Announces the Commencement of Phase 4 of the Scoville Testnet.

🎃 Anchorage launches cryptocurrency integration platform.

12. News (cont)

🎃 Bitcoin and gold price correlation is approaching all-time highs.

🎃 Switzerland to open first BoringApe BAYC-themed cafe.

🎃 Safe will start migrating Ethereum mainnet trading services today

13. News (cont)

🎃 Bitcoin Futures total amount of open positions fell to 14,228 contracts

🎃 The SEC and Ripple respectively ask the court to dismiss the other partys motion for summary judgment.

This post is based on this twitter thread.

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