The crypto market is preparing a rebound in the next 2-3 days, the flagships are BTC and ETH. Locally, we can still move lower from the current ones and remove stops behind the nearest loys. But this is precisely the removal of stops and a bear trap.
The trend reversal indicator is giving a signal today to cancel the downward trend in BTC.
And the signal for the end of the downtrend is for ETH. And I gave signals to cancel the downward trend yesterday.
The key question is will the rebound become a reversal?
For#BTCwe expect a rebound on June 16-17, for#ETH- on June 15-16, that is, a day earlier. BTC dominance points to a bullish scenario for altcoins. Among which,#ETHis, of course, the leader in influencing dominance. It is quite likely, by the way, that the dominance is now at the peak of corrective wave B. But, of course, this is a local corrective structure. Non-correction of the entire increase in dominance in five waves from 2022.
Now all that#BTCand#ETHneed to start working out the forecast is to close the daily candles above the EMA of the 50 day TF. For BTC it is currently $67,045, for ETH it is $3,501. The chances of working out will remain until BTC consolidates below the volume level of $65,892 on the day, and ETH below $3,424.
The levels of transition of a rebound into a reversal are consolidation on the day above:
- volume level $69,740 for BTC,
-volume level of $3,802 for ETH.
Taking into account the sentiment that “everything has “lost”” in the market - even consolidation above all the named resistance levels on the four-hour time frame - we will already consider it a positive signal.
