The next 3.5 hours and the rest of the day will be very important for the bulls of the crypto market.
Currently, on the 2-hour timeframe, both #BTC and, according to #P73Signals, another 90 (!) altcoins from the TOP-200 crypto assets are transitioning into a stable downtrend. Moreover, for many, the situation is similar to #BTC - two or even all basic targets have already been worked out by this impulse. For #BTC, for example, there is currently only one target on the 2-hour timeframe, 97,119$. And that one was almost tested on the recently closed 'bloody' candle.
In the hourly timeframe, only 27 assets transitioned to a stable downtrend by the end of the last hour (most of them transitioned earlier in the day), BUT at the same time, 50 assets have a Strong signal of potential loyalty. In the screenshot - part of them. And as an example - the chart of #KAVA.
We conclude - we are waiting for a rebound from BTC either after this, or after the next hour. Altcoins are lagging by one candle. Ultimately, the strength of the expected rebound can be judged by the strength of the buyer (and the risks of going lower).
Altcoins are currently struggling, but on the predicted rebound of dominance #BTC on January 5, there was initially little chance of a different outcome. While dominance is growing both during market upswings and downswings. The key for altcoins right now is still the same - hold the resistance at 58%.
Let's see how the BTC price will close the day. If there is no bearish engulfing by the end - on January 8-10 in the spirit of 'sawing', we could very well see a return above 100,000$ and a new ATH. If there is no such growth during these days or if the upward trend breaks - at best, we will see a range in the market.
When will we consider that the danger for the bulls is increasing? Only if:
- we will enter a downtrend on the 4-hour timeframe (will be decided in 3.5 hours).
- we will fall below the range indicated in the review of 97,553-98,433$.
- we break the upward candle structure on the daily chart.
Only then will we think that 'things have not gone according to plan' and look at the reaction from the Potential break in the uptrends of the 12-hour and daily timeframes. And this is already 94,659$ and 94,965$ respectively.
According to moving averages, all this decline is a test of EMA 50 on the 4-hour timeframe (with a squeeze, and now the price is above) and EMA 50 on the 12-hour timeframe. By levels - the decline is currently not critical at all, but the pace has scared everyone.
