Daily Closed Below 6300

BTC and market update -

BTC -
After closing the CME gap BTC saw a quick drop towards 6120 zone..
BTC monthly open was 6420..

As per monthly close of March, BTC can see a drop till 5560 zone this month (Fundamentals are not considered here)

Currently BTC is trading at 6660 zone..

As stated in prior analysis and conditions for BTC to be bullish - BTC has completed the condition of closing at least 3 times above 6300 on 1D..
But it still has not completed the condition on 1W TF..
BTC saw the drop before the recent weekly close.. So this condition is yet to be fulfilled to be sure as Bullish Sentiment..

As gaps on CME charts gets filled 94 times in 100, BTC can still Fill the gap of 9100 in upcoming weeks (Need Weekly close above 6426).

In analysis of 13th August 2019, 16th August 2019, 18th September 2019, We told that BTC need a weekly close above 11610 so that it can reach 15000.. BTC pumped till 13800 but failed to Close a weekly above 11610 which resulted in correction.. (Search '11610' in this channel or search by date)

So same like that, we need a weekly close above 6426..

Supports -
$6444-6505 local
$6120-6300 weak
$5805-5850 neutral
$5220-5310 short term important

Resistances-
$6730-6820 weak
$7110-7200 yearly open + neutral resistance
$7810-7900 short term strong

CMC (crypto market cap) analysis -
Cryptomarketcap is currently at $182 Billion as per Tradingview charts and it will face resistance weak at $187-189 Billion..

$200 Billion is important psychological resistance.. If it gets broken then we can see BTC testing 8k zone sooner..

As per our CMC analysis given on 17th March 2020, we said we needed a Daily Close above $144-150 Billion for short term stability..
It closed above $150 billion on 18th march and from then didn't dropped below that so $144-150 billion is behaving as good support for now..

Supports -
$169-171 Billion
$144-150 billion important
$126-130 billion

Resistances -
$187-190 billion local
$200 billion psychological
$225-230 Short term strong

Alts analysis -
Alts marketcap increased by $12 Billion in last two weeks but BTC is over performing alts so we can see that alts are dropping in their Satoshi value and it can continue further if BTC.D breaks 66.60% resistance and closes above 66.80%.

BTC dominance analysis -
BTC dominance is exactly at the resistance value of 66.60% and a daily Close above 66.80% can make it bullish.. So be careful with alts in Satoshi pair..

As per current scenario BTC is looking to test $71xx yearly open..
Crypto market is currently decoupling with stock market..
Upcoming Fundamentals will play some important role so don't expose much funds in any trades and trade with proper risk management..

BTC currently got rejected from $6730-6820 resistance

As stated in Last paragraph, BTC exactly tested the yearly open 71xx ❤️👍 in just 6 hours of analysis..

Binance high was 7198..

$7110-7200 was neutral resistance so it dropped back exactly from there..

Update to above analysis and results produced by it..

It already did what we said in last paragraph of conclusion..

Most importantly, BTC weekly closed above 6426 as per our conditions.. And it immediately pumped by almost 9% from weekly close.. So far it is holding $7k zone nicely because of weekly close as we analyzed..

$7810-7900 will play strong resistance zone as mentioned..

Supports -
$6991-7072 weak
$6550-6622 neutral
$6120-6210 strong

Resistances -
$7585-7630 local
$7810-7900 strong short term (Need 4 tests of resistance to make it weaker)

CMC update -
CMC pumped nicely after breaking $187-190 billion resistance.. Next resistance is bit away so currently BTC resistance can play more role..

$187-190 billion has flipped as support..

BTC dominance update -
BTC dominance failed to close above 66.80% and dropped exactly from our resistance zone making some gains on Top alts most probably.. It has support 64.87% so keep eyes on it..

Fundamentals -
Fundamentals are not really clear because of Corona.. Some experts are predicting chances of GFC (Global Financial crisis) worse than 2008.. So I would not suggest to enter more funds in a trade.. Use safe trading strategy..

BTC can test next two resistance.. Weak and strong support can be your Buy ladder areas with small amount..

Update -
BTC pumped back from $7108.08 from weak support zone..

BTC pumped back from $7080 (as per perpetual contract bitmex) from weak support zone..

BTC dominance update -
We mentioned our support at 64.87%, and BTC dominance pumped EXACTLY from 64.86%.
Bounce was not harder..

BTC has failed to close above 7380 zone.. CME has closed at 7290.. We may see a retest of 7290 zone..
But as said previously, negative fundamentals like GFC is still a major factor in my fundamentals analysis so not recommending to enter much per trade..

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#USOIL what a collapse..

WTI crude collapsed by -87.79%

It's crashing more and more..

Recommend portfolio is updated in premium..

BTC has broken the weak support again..

Next supports are -
$6550-6622 now weak
$6120-6210 neutral
$5650-5740 strong.

Demand zone is being formed at 5400 zone..

Now at 0.01 .. collapsed by -99.95% ..

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