BULL'S HOLIDAY
Hello, friends!
This week, starting from Wednesday, we are again expecting several important news and reports on the economic calendar, including a speech on Thursday by the head of the Federal Reserve, J. Powell, which can cool down or, on the contrary, heat up the market, but in any case, this day can be quite volatile.
BTC has once again hit a new high in the last 24 hours, rising to $82,500 today on the Bitstamp exchange.
The #BTC.D dominance index is slowly declining, giving altcoins a chance to catch their breath, gain a foothold, and some have even started to grow.
Last week graphically for dominance closed with Absorption, which gives the probability of its continuation of decline. At least now the index has returned to the reversal range under 60%, being at the local peak of the global downtrend, slightly going beyond the downward resistance.
In the previous review, I showed that on the Bitcoin, a bearish formation was formed on the 1st week, for the cancellation of which a full bullish week was needed to cover this wick. And as we can see, the candle covered more than and on the news background the price rewrote the historical high.
Also in the last review I said that, according to the statistics of previous years on the chart, the altcoin market was growing rapidly when Bitcoin confidently rewrote its highs against the background of decreasing dominance.
Now we have a similar situation: the breakout of the last high is confident, impulsive and the dominance is gradually decreasing. We will continue to observe.
At the moment, I am waiting for a correction to at least the previous high, or the formation of a local sideways trend. Honestly, bitcoin can continue to update highs with such positivity on the market every day, so short for me will only be when at least a local structure breaks with confirmation of resistance and sellers' reaction. Well, I will try to gain long only on corrections in several zones. In any case, buying on highs now can be a fatal mistake, especially with a violation of RM.
On Ethereum last week we also see a powerful exit from the triangle and a breakout of a stronger descending resistance, the key mirror zone of $2800-2900, even without any special corrections. As I already said, the confident growth of Bitcoin and the decrease in dominance, which for the first time in six months has decreased by more than 3%, helped here, and if the decline continues, the long-awaited altseason will begin.
In the nearest future, after a short local pause, I think we will see the main alt asset in the $3800-4000 zone, near the global downward resistance, where we will get a reaction in the form of a rollback correction, or a trade with a further breakout and movement to the new high. Here, only 50% of growth remains to it, which for such an asset against the background of expectations and positive news about the project is worth nothing.
So, friends, congratulations, perhaps this is already the beginning of the altseason, but in crypto you need to be ready for anything, so don’t go crazy, but trade with a cool head.
Good luck to everyone and big profit!)
