THE CRUCIAL MOMENT ON THE BALL
Welcome everyone!
This week there will be only one day of high importance (***) economic events and that is again Thursday, which will also include real estate reports.
As for Bitcoin, so far, there have been no significant changes. Last weekend, the asset continued to grow slightly, reaching $69,500. Bitcoin dominance #BTC.D remains in the peak zone of 58-60%, hence I expect a reversal, which will give many altcoins the opportunity to exit their long-term trading zone and revive the market a little.
The price is approaching $70K, consolidation above which will confirm the breakdown of the downward trend (more than 200 days) and open the way to updating the historical high. Now on 1D, the formation of Engulfing is being formed, which can play as a retest of the support of $64500-65000. And in the same range on 1Ned, the imbalance that we can now observe will be covered. At the same time, we will test the downward slope broken a week ago.
In order for the growth to continue and the high to be reached, it is important for the price not to fall below this support, otherwise the bitcoin will simply continue to move in the channel and the probability will increase that we will see a renewal of the bottom that was at the beginning of August.
As for Ethereum, the asset has already left the triangle on 1D and has almost reached the targets of $2800-2900, which I mentioned in the last review.
If we look more locally at 1H, I expect a retest of the support zone $2650-2675 in the near future
If we consider the asset more globally and open the ETH/BTC pair chart, we see that the asset has been in the key support zone of 0.037-0.04 Btc for more than a month, from where I expect a reversal and rapid growth. A decrease in BTC dominance will accelerate this process.
