Well, friends, positive reports came out from the USA this week and grandpa Bitcoin came to life a little.
At the moment, at 6:00 we see an exit from the downward local channel, with a retest of the broken resistance, but in general the downward trend continues until the previous high of April 8 has been rewritten. Locally, as I expected, we have already reached the $65-66K zone and have hit the upward resistance stretched along the loys of March 5th and 20th.
Do I wait further up? Locally, I don’t rule out the possibility, but a repeat false exit is also possible, as was the case in April. I expect growth to at least the level of $69K and to the downward resistance from the highs on March 14th and April 8th, right at the level of $70-71. I expect that the local downward trend will continue, except that it may become wider if it reaches the sloping resistance that I mentioned earlier.
Even if the cue ball shows strong growth, this will be a good incentive for the start of the alt-season. But don’t forget about the monthly absorption, which is unlikely to be rewritten this and next month. On Week 1 we see local bullish engulfing, but the week is not over yet. Even if it closes above $64K, then I have already described the ceiling for growth. Globally, I expect a decrease of $52K
Ether in relation to Bitcoin increased its value today by almost 3%
But the overall global picture remains downward, according to my expectations from past reviews.
The asset has now broken through the local level of $3040 and to continue growth it is necessary to gain a foothold above it. The nearest resistance is $3200 (downward slope and 50DMA 1D). Let's see how the day closes.
Thank you for your attention and have a nice profitable weekend.
