Greetings, colleagues!
I will start the review by saying that this week Wednesday and Thursday will be full of economic events and reports from the US on macro data.
This week we will see inflation, important data on oil reserves, unemployment data in the US and many others. Therefore, these days can bring us good volatility in the markets.
On the Bitcoin, as we can see, there is a slight repetition of the scenario of the previous weekend and in the morning there is a clear rebound from the ascending support in the area of the round value of $58K.
Now, to continue growth, it is necessary to consolidate above the $61K level, which coincides with the middle of the descending channel (which began in March 2024). And, looking at how the channel of the last weekend of early August was bought out, buyers should succeed.
If we look at the smaller TFs (15M), then here I would expect a minimum correction of up to 50% on the Fibonacci level in the area of the round value of $59K, which also coincides with the 21DMA 15M.
More globally, for the market with such a tense situation around the world, I would not expect any kind of super growth, but within the descending channel, growth to $65K with another fall to the last low at $50K is not excluded.
As for the dominance of #BTC.D, here we see that the capitalization indicators of bitcoin have already approached the finish line, from where I expect a strong decline and a flow of money volumes from bitcoin to alts. But these are just our wishes.
On Ether paired with Bitcoin we see a clear hit (penny for penny) to the round mirror level of 0.04btc, through the spike of global ascending support, to which I expect a continuation of the reaction of buyers. Perhaps this is the beginning of a new local ascending trend, but before the breakdown of the descending channel it is necessary to grow at least to 0.06btc.
That's all, friends!
I wish for fewer losses and more greenery. Greenery is useful in every sense ;)
