Bitcoin (BTCUSD) (3-day/8-hour)
Another week and Bitcoin remains in the low $30ks, dribbling along support, or “accumulating” if you’re an optimist.
Nothing has changed on our macro range view, but you’d like to see more of a reaction to this green box if this range is valid. In the simplest view- There is nothing overtly bullish or bearish until we see $30k or $40k break.
Both of our ranges here suggest that bulls won’t be in the clear until we see some high time frame closes above the $45k area. That being said, bears could be a bit greedy holding out for lower than $26k.
Ethereum (ETHUSD) (3-day/8-hour)
Ethereum has seen slightly more volatility than Bitcoin, but stays more or less the same: range bound, waiting for a confirmed breakout in either direction.
Fundamentals & Correlations
Looking to our usual Bitcoin Dominance (BTC.D) compared to the Total Crypto Market Cap (TOTAL), we can see that even with BTC.D well below 51%, there is no new capital flowing into the overall market. Topping out at $2.57 T in May and only slightly over half of that now at $1.39 T.
The US Dollar Index (DXY) has regained some strength which is something to keep an eye on. If the dollar continues to gain strength, that could work against any potential rallies, but only to a point. These indexes add some color, but should not be considered actionable.
To keep reading, please go to the original article at: