For another week in a row, Bitcoin closes the weekly candle above the key support level of $59,500.
This time, a bullish Hammer reversal pattern was formed on the weekly timeframe.

❗️Remember, last week 👉Rememberwe considered the fall as the removal of stops beyond the border of a 2-month sideways pattern, which is a bullish Flag figure. During this fall, we recommended buying the market, which is what we did.

As a rule, such takeouts are followed by growth with updating of previous price highs.
But we are still inclined to believe that the price will reach the upper limit of the sideways channel to approximately $69,000, after which it will continue sideways trading for some time.
By the way, this trade should, by all logic, end by the end of this month ✔️

Therefore, if by some miracle someone did not end up buying $BTC $ETH $SOL during last week’s collapse, most likely there will still be a last opportunity to do this around $59,000.
Personally, we no longer expect the price to be lower, since the rising trend line and the long-term moving average MA20w, which we already tested last week, pass through this area.

🚀 Has the altseason started?

Alts began to come to life and show double profitability.
Considering that alts are now showing strength relative to Bitcoin, we can conclude that the alt season has begun.

To prove this, you need to look at 2 important metrics:
1️⃣ Viola dominance

This chart is very technical and has more than once helped to determine movements in coin prices, which we have written about many times in our posts.

The dominance of alts continues to move within the global ascending channel and is still located almost at the lower border of this channel.
This suggests that the growth of alta in the medium-long term is only at the initial stage and we have not even seen real growth yet.

More locally, the dominance of alts is also moving within the short-medium-term channel and last week there was a test of the lower border of the channel.
Although the metric fell into the long-term downward trend, it is now very actively accepting attempts to return back. Therefore, for those who have not yet bought alts, it is not too late to do so.

2️⃣ Bitcoin Dominance

Bitcoin dominance continues to remain at high levels, which means that the main liquidity is still in Bitcoin.
The dominance chart is already finishing forming a descending Wedge pattern and the figure is confirmed by bearish divergence.

According to this figure, the minimum target for the fall of Bitcoin dominance is approximately -10%.
Need I repeat that pouring 10% of liquidity into alts is a lot, which can trigger the explosive growth of alts.

📊 Result:
Our current main scenario is the continuation of Bitcoin trading within the sideways range in the range of $59,000-69,000.
In the near future, we expect continued growth of alts, and then the start of a rally in the market, primarily in Bitcoin, around the beginning of summer.

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