Hello colleagues!
Let's start our review with a reminder of tomorrow's Fed press conference and the decision on the interest rate, which is expected to remain at the same level. But, no matter what the rate is tomorrow, and no matter what they say at the Fed meeting, I think we will be provided with volatility and price movements in both directions, with the removal of stops of all participants. As it happened last Friday at Non-Farm.
The cue ball has fallen by 7% since last Friday, breaking through the local upward support at 8H. A breakdown of this ascending structure will occur if the support zone of $66,700-67,300 is broken. More precisely, this will be the first call for scrapping. It will be confirmed by a retest and holding in the middle of the range at $69K.
In short, locally I expect the price to drop down to $65,500-66K, return to the $69K level and, subject to the protection of this level by sellers, continue to decline in a new local downtrend, again within the global downtrend (range $57K-71K )
Ether has flowed after the cue ball and will continue to decline in the near future, while the dominance of the cue ball BTC.D is growing, at which the level of 54% was maintained and the ceiling will be the zone of 57-60%, from where I expect a reversal and a decrease in dominance, and I do not exclude its rapid spillover, because many will begin to transfer their funds to the significantly decreased alta
The ETH/BTC pair has again returned to the downward channel and on the above-mentioned growth of dominance, Ether will become cheaper against the background of the cue ball and will go down to the global upward support at 1D around 0.045BTC. And approximately from these values I already expect the beginning of the alt-season.
