A turning point with a rebound continues to brew in the crypto market.
Candlestick formations on the daily TF for a rebound are now showing both#BTCand #ETH, and a number of altcoins.
Today or tomorrow we will probably open a number of transactions. Part for averaging (as for STRK), part for assets, where the first purchases will be.
#BTC is preparing for a rebound today or tomorrow. The key immediate resistance is the same - the EMA of the 50 day TF, which now also lies at the volume level of $67,088. If today or tomorrow the asset shows a decline with the update of Friday’s low, it will be a bearish trap with additional liquidity gain for the bulls from below.
It is worth remembering that Monday periodically (more often than other days) shows fraudulent market movements. And then on other days of the week the price goes in the opposite direction. Moreover, the “magnet” level on the BTC futures chart on the Chicago Mercantile Exchange (CME) for the resumption of trading on the night from Sunday to Monday is $65,945. A reason to go downstairs.
We consider it important to pay attention to three graphs:
1. USDT+USDC dominance. Here, it seems, a local high was also given the other day. As long as the dominance is above the EMA of the 50 day TF (currently 6%), the probability of continued growth remains, with the nearest target being the volume level of 6.38%. BUT overall, it looks like the rise in dominance of key stablecoins since June 5th is complete.
2. BTC dominance. Here, it seems, a local high was also set and we interpret it as the completion of the rebound in wave B. But confirmation must continue in the form of a breakdown of the EMA of the 50 day TF (currently 54.89%). A decrease in BTC dominance in the current environment may result in an increase in the price of BTC and altcoins. BUT, in theory, not at its pump, because at pumps BTC usually absorbs market liquidity faster than altcoins. Increasing dominance.
3. BTC price volatility index. Continues its growth since June 11. BUT the emerging ascending structure is already close to completion. We are waiting for another stable range or even a reversal from June 20 at the most. So far, since mid-May, this tool is still of little use - candlestick structures are constantly breaking, making it impossible to predict impulse days on the#BTCprice chart.
TOTAL: so far in the emerging rebound in BTC there are more arguments that this will not be a strong impulse movement. But there will be growth above iconic resistances (such as the EMA of the 50 day TF), which will give more confidence to alcoin buyers.
