Altcoins, go!
Greetings, colleagues!
This week we expect news with a high probability of volatility in the market.
In particular, this includes the speech by the head of the Fed, Powell, on Wednesday evening, and the traditional unemployment report in the NON-Farm sector on the first Friday of December. Be attentive, all news with three stars can sway the market at any moment.
Now the situation regarding #BTC☀
Local support at $95K is something buyers are currently unwilling to give up, trying their best to hold it. As I mentioned in last week's briefing, I expect a breach of this support and a decline below the POC level of $92K, where long positions have not yet had their stop-losses removed. I anticipate such a local decline at least until the beginning of the upward slope around $85K, where the upper boundary of the uncovered imbalance on the 1D chart lies.
In any case, such pullbacks are necessary for a more logical and healthy market movement.
Ethereum continues to slowly but surely move towards the targets of $3800-4000, which I have repeatedly mentioned in previous reviews, from where I expect to see a good reaction or a move into consolidation. Overall in the altcoin market, to avoid sharp reactions to every pullback of Bitcoin, we need a continuation of the decline in #BTC.D, which we are currently observing. As we see, the dominance index has already broken the rising trend support, a bullish engulfing pattern has formed on the monthly timeframe, which could provide an additional graphical push to the nearest support at 55%, allowing altcoins to endure Bitcoin's local pullbacks calmly.
You may have noticed that after today's drop in Bitcoin, altcoins quickly recovered to morning values. I judge by the altcoins in my investment portfolio.
Now, the most important thing is to avoid surprises in the form of a sharp drop in Bitcoin with a simultaneous increase in dominance.