TRUMP REJUVENATED BITCOIN
Greetings, colleagues!
This week we expect news with a high probability of market volatility.
And the most eventful days are Tuesday and Wednesday, with two consecutive days of the publication of protocols from the Federal Reserve, which often significantly impact players' sentiments.
Now the situation regarding #BTC🔥🔥🔥🔥🔥 :
Last week on 19.11 in my review, I talked about my expectations for price movement towards the upward local resistance in the area of $97K-98K, from where I expected a correction to at least $94K.
As we can see from history, the price clearly hit the upward resistance slightly above $98K and reacted with a small correction down to $95.5K.
That is, we see that the upward momentum is still strong, and on higher time frames, buyer reactions are visible, so in the current conditions, a deep correction should not be expected for now.
Last week, Bitcoin reached a new historical maximum of $99800 on the Bitstamp exchange. Currently, resistance is the psychological level at $100K, which I believe will very likely be overcome in the near future.
But we cannot exclude at least local pullbacks to the support zone of $94-95K before continuing the rise. Looking at the maximum greed index, the probability of a deeper correction with a settlement below $90K is extremely low. Based on this index relative to the history of the asset's movement, the price in a state of greed continues to grow for a long time. Just as it falls for a long time based on fear indicators.
The decline in Bitcoin dominance #BTC.D last week slightly revived the altcoin market, and Ethereum continues to move towards previous highs and the global downward resistance in the range of $3750-4000.
Looking at the global triangle on the 3D time frame, after exiting it, the probability of Ethereum rising above $5K is very high. However, we will definitely see the first reaction at $4K, at least in the form of a local correction.
With a more active decline in Bitcoin dominance, we will see even greater gains on many altcoins.
We wish you profit, good mood, and once again remind you about the likelihood of increased market activity in the next couple of days against the backdrop of economic news.
