Prediction of bit for a week by Jeffrey (October 22nd to October 28th)

There was a short-term rapid increase in the price for bit due to tether issue, and there was a price adjustment followed by the stagnant movement.

In this week, I am expecting to have an increase with the settlement of the period.

This is the bit dominance on the entire market. Bit dominance is relatively fine to be from 53 to 54%. In terms of dominance, I believe that it is appropriate to purchase bit. As for reference, we need higher than 60% of dominance for strong market, and this is relevant to the sales of alternative coins.

This is the daily candle chart of bit. It is about to pass through the cloud on the even chart. If settling around 6650 dollar, I believe that it is possible to cover the volume profile and have a stable increase. Movement of the wave from them and short-term indices all look fine.

This is 4-hour candle chart of bit.

What is outstanding is that we can interpret the increasing divergence highlighted in white as a positive sign.

In addition, the trend index, adx, has become the golden cross with the influence of short-term rapid increase followed by gradual increasing trend.

In addition, it looks stable as the location of huge wave is fully adjusted. However, as the lower area of wave has been lowered further, double floor is required to make lower part increase from additional adjustment. Volume profile is located thickly around 6830 dollar. Adjustment is an important point now.

This is an hourly candle chart of bit. According to the newly set rainbow chart, market seems to form the short-term bottom. First of all, it is positive to create lower candle on the support line near 6580 dollar while supporting purple line in a short-term period to converge. This is why short-term increase seems to be feasible.

In summary, bit dominance shows a positive share. In the big picture, it seems to be better to purchaser bit. It also seems that the direction of market is changed depending on the volume profile near 6830 dollar. Supplementary indices seem to be favorable, and resisting line is 6830 dollar and 7400 dollar, and supporting line is 6580 dollar, 6470 dollar, 6360 dollar, and 6250 dollar.

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