Salute, colleagues!
As we see at 6H, the asset still broke through the neck line in the Head and Shoulders pattern and even retested it on the reverse side. But we never saw a downward movement to $66K, but we got closer to these marks, and the price continues to move along the neckline and approach the upper resistance line of $69K. Local ascending support is also pressing in from below.
In the near future, I expect a decline to $65,500, with a breakdown, possibly false, of local upward support, which will slightly change its slope, but will still remain upward.
It will be necessary to watch the level of $65,500, where the lower limit of the weekly range and 200DMA 6H lies. Let's see how they hold him.
In connection with my expectations of a continuation of the decline within the descending global channel at 6H, this support level may also be broken.
1Month Today is the key day for the monthly candle. If it closes around $65-66K, then the Bearish Engulfing will continue to work out next month. Otherwise, we may see the April extremum pass and exit the downward channel.
#ETH🔥🔥🔥🔥 and others
Now the violas...
As usual, I will start my review of Ethereum with the ETH/BTC chart, which can give us a clear picture of the prospects for the alt-season. Last week was very active for Ethereum due to news and expectations of the approval of ETH ETFs.
Considering that the asset has been moving in a downward channel for quite a long time, since 22, then now, I think, the time has come, against the backdrop of positive news for Ether, to break this downward structure.
On Week 1 we see a fairly deep spike, but this week there was no special pullback reaction, and the week is almost over. the instrument seems to be fixed above this inclination, which is already good for the start of the altseason. Reducing the dominance of #BTC.D will help a lot with this. So far they are trying with all their might to keep it above the level of 54%. I think the Strait of Domination is just around the corner.
