Bitcoin (BTCUSD) (1-day)
Another week of tightening price action on Bitcoin is testing the patience of most participants. While many are realizing this is a time to remain sidelined, some are weathering the storm of unpredictability in the market. While the technical data looks relatively unchanged from last week, there’s a couple of things to note on the chart.
We can see that while the market sentiment is bearish, Bitcoin continues to rest on a key support zone and favors the bulls. We also see that price is consolidating on support which favors bears. Spot volume continues to decline which increases the probability of a stronger move incoming once BTC does choose its path.
From a traditional TA perspective, we could see Bitcoin go deep into the $40,000’s or higher and remain in a bearish cycle. That would also be a prime shorting opportunity for those looking for prices in the $20,000’s or lower.
All one can do is remain patient and let price direct your next trade.
Ethereum (ETHUSD) (1-day)
Ethereum, while looking similarly unchanged since last week’s report, shows slightly stronger volumes when compared to weeks past. Like Bitcoin, it also remains on support and no clear path is seen. Until support breaks, the higher probability trade is long in hopes that the market sees at least some bearish retests at prices above, or if we are lucky enough, a new all-time-high.
Fundamentals & Correlations
Bitcoin Dominance within the crypto market has rebounded from its recent low of 40%. A key zone to watch appears to be just around 50%. If dominance reaches that zone and rejects, it’s possible to see the altcoin market pick up some steam. Until then, we remain in a sea of uncertainty.
To keep reading, please go to the original article at: