The BTC rate is correcting today, but it is much more difficult for altcoins. Many show obvious weakness.
Over the past few days, we have been writing about reversal formations for BTC and ETH and preparing for the start of a rebound with a chance of a reversal. And we do not give up our expectations, because today’s decline was assumed yesterday:
“... 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 down"
Trading on the CME began with a gap of $65,945-$66,360, but it is now completely closed. He has exhausted himself as a “magnet”.
At the same time, the key thing that confuses us in the growth scenario is that on the spot on the daily TF, the movement of the BTC chart yesterday and today looks like an unsuccessful attempt to break above the EMA of the 50 day TF (currently around $66,933). Two candles brilliantly tested this EMA, but the reaction of sellers did not give a chance for a breakdown. This leaves the risk of going for a loy on June 14, $65,100. BUT for now, the probability of the start of an ascending structure on the BTC chart from the current ones remains. And on the#ETHchart, the structure has been working for the third day and is not broken (yet) by today’s decline.
#BTC dominance and#USDT+#USDCdominance are showing growth today. But they also don’t break their structure; their structure is descending. In terms of#BTCdominance, we expect a decline even before, optimistically, June 21-22, if the downward structure continues.
The dominance of stablecoins in general has just passed a local high and is beginning to decline.
From all this we conclude that today we are talking about fraudulent movements on Monday. But for such optimism to remain, you need to close today’s candle no lower than the volume level of $65,892. Preferably with a bullish shadow below. And in the coming days, the price of BTC definitely needs to break above the EMA of the 50 day TF.
In the expected growth scenario, we still do not expect strong volatility from BTC. But we expect this week the beginning of a progressive upward movement for both the price of BTC and altcoins.
$BTC
