Hello everyone, colleagues!
So the cue ball continues to move as expected. In the last review, I was expecting a correction to $60K, but as you can see, the price clearly hit 200DMA 1D (at $58,500) and today it was tested again, again, without updating the previous level on yesterday’s and today’s overnight decline. In the near future, I still expect a test of the recently broken support of $59,500-61,000 to the resistance of the local downward channel at 6H, from where the price will go to the turning point of last week.
How much lower the cue ball can correct is unknown, but the 1M TF clearly shows support at $46K-48K. I would not rule out such a reduction option.
But this is not the important point. Even if you buy a cue ball at around $50K and it goes up to $100K (although I personally have a hard time believing that), you can only make X2 at most.
In order to take a few X's from the market, we need to add altcoins to our portfolio and wait for the altseason. Now is still a good time to add coins to your portfolio.
What do you need for altseason? This is a decrease in the dominance of #BTC.D and the growth of the cue ball or its flatness.
The first prerequisites for the altseason already exist, namely:
- Dominance is on the verge of failure under inclined support and under the mirror level of 54%
- Inverse correlation of the cue ball with its dominance.
If we examine Bitcoin's recent run over the past week, we will see that as dominance increased, the cue ball fell, and conversely, the cue ball rose as dominance decreased. Today is no exception - the cue ball is being bought back, dominance is falling. These are the best conditions for the growth of alts.
- SEC approval of the ETH spot ETF is also expected this week, as Matrixport says.
- The Ether chart paired with BTC continues to look quite strong and appears to be forming a pennant pattern on the 1D TF, which is breaking upward more often.
In general, for the upcoming altseason, all that remains is to wait for suitable conditions, which I have already announced. And the growth of the cue ball itself, during which the entire alt will grow, can begin with the current ones, or with $48K+-, which I expect with a higher probability, because News from Germany and other countries about transfers of large amounts of BTC to various large exchanges continues to come out and in the coming days there will be a lot of macro data from the United States.
Thank you for attention. Profit to everyone and don’t be greedy.