Thursday, January 18, 2024
Today, we turn our attention to the local Bitcoin scenario, as there's virtually no activity in the higher timeframes (TFs).
On the hourly chart, Bitcoin is moving within a narrow sideways range, between $43.5k and an approximate $42.0k, as there is still a local ascending support line.
Based on this, the short-term priority is the movement of the price within this range.
However, it is important to consider that the price is below the hourly Ichimoku Cloud and under the MA50-100-200, which indicates a priority for further decline. It is also concerning that the price is below the Pivots P level in a downtrend, suggesting a medium-term move towards breaking the lower boundary and heading to the S1 level, which is at around $39.0k.
Altcoins, along with BTC, are behaving similarly. They are predominantly trading sideways. Altcoins that showed strong growth, such as ARB, SUI, etc., are undergoing a correction.
Meanwhile, the market capitalization retains the reached volumes and does not show significant decline.
According to the BTC dominance chart, it can be concluded that capital is moving into altcoins. There is accumulation, and a resolution for alts is anticipated.
In summary: for now, we continue to observe the sideways movement. The future direction will depend on which side it breaks out, and so far, everything is leaning towards a decrease.
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