Hello everyone,
how are you all? I hope everyone is fine and doing great in their life.
It has been quite some time that we talked about the market situation and as we saw the market crashing recently I think its time we discuss a little about the market now. As always I will keep the Bitcoin as my main source for market analysis as we have always done that since the beginning.
In the chart below which is a 1D chart for bitcoin we can see all the support and resistances drawn by me in the past.
I will like to zoom that a little and bring your focus to the current support at which we are already hanging right now. You can see the white line which is already broken towards the downside which means we are already ready for the next support target.
In the screenshot above the green support line at the bottom is 112-113k price point for bitcoin and we might test and even break it downwards if the market wants to crash further that is if the market makers want to liquidate further more trades.
I hope that will not happen as that will take us down to 107-108k price point and which will not be a good thing for Alts. The Alts are still lacking strong movement unlike Ethereum which is already outperforming Bitcoin. By the way Bitcoin dominance is coming down as well.
In the screenshot above you can see the bitcoin dominance chart with two levels that I have shared in the past as well. The lowest possible in my opinion still remains the same at 52-53% and bitcoin dominance is at 59.7% right now which is showing the downtrend for Bitcoin dominance and that is why Ethereum is getting stronger.
The money is coming more in Ethereum and that is why we are still left with some hope for the Alts. From Ethereum money can flow in to Altcoins but that is not a compulsion. Maturity of market can prevent that from happening but still there is no other choice with us than to count on for this thing to happen.
If bitcoin dominance falls by another 7% we will definitely see a nice pump to see recovery in our Alt coin position and maybe also with some sign of profits even if you entered in the market last year after march. Do your own research and decide what you want to do with your funds.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
