🔥ETH and BTC Dominance: will the #1 alt reach $2400 soon?
Hi, friends! Let's take a look at Ethereum, the #1 altcoin, and the Domination chart. Why are altcoins falling and when to expect a new ALTSEASON? Read in the description!
📊In the previous idea about Ethereum a few weaks ago i marked the key levels of possible false breakout and liquidity collection by whales. Actually, after 1 week it happend. Ethereum fell bellow the $1800 key level. The big volumes confirmed the large buys at this levels and now we see the price rise by 10%.
📊The targets:
1️⃣ $2300-2400 is the first area of value and the most probable target
2️⃣ $2750-2850 is the second value area and less likely target due to Bitcoin's strength and altcoin's weakness at this stage of the cryptocurrency market
✅The first target. Now when Bitcoin's dominance is rising and alcoins are moving sluggishly, Ethereum will rise less during Bitcoin's rise and will fall lower during Bitcoin's fall. The $2,300-3,400 value zone will be great resistance for the price of this altcoin.
After consolidation below the trend line and manipulation with collecting of long traders' stop losses (such as false breakdowns), the price could show strength and start its rise. We need to wait for confirmation on the volume indicator. The bars should rise, showing us a buyer when the price declines and squeezes under the trend line.
✅Why is the second target unlikely? You can check on the dominance charts that while the cryptocurrency is down by 60-70%, the dominance goes completely to Bitcoin, and all altcoins are very weak at that time. Ethereum has even renewed its lows, which shows the enormous weakness of altcoins right now. There is nothing unusual about this, it has been repeating for over 5-6 years.
Overall, this means that next Altcoin's strong rise could be when Bitcoin renews its ATH and a large number of traders and investors return to the market.No one knows when it will happen. Maybe in a week, maybe by the end of the summer. Stay tuned for updates so you don't miss the good opportunity.
🔥Are you waiting for the altseason soon or it will happen when the BTC update it`a ATH ? Let me know in comments!
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
📊In the previous idea about Ethereum a few weaks ago i marked the key levels of possible false breakout and liquidity collection by whales. Actually, after 1 week it happend. Ethereum fell bellow the $1800 key level. The big volumes confirmed the large buys at this levels and now we see the price rise by 10%.
📊The targets:
1️⃣ $2300-2400 is the first area of value and the most probable target
2️⃣ $2750-2850 is the second value area and less likely target due to Bitcoin's strength and altcoin's weakness at this stage of the cryptocurrency market
✅The first target. Now when Bitcoin's dominance is rising and alcoins are moving sluggishly, Ethereum will rise less during Bitcoin's rise and will fall lower during Bitcoin's fall. The $2,300-3,400 value zone will be great resistance for the price of this altcoin.
After consolidation below the trend line and manipulation with collecting of long traders' stop losses (such as false breakdowns), the price could show strength and start its rise. We need to wait for confirmation on the volume indicator. The bars should rise, showing us a buyer when the price declines and squeezes under the trend line.
✅Why is the second target unlikely? You can check on the dominance charts that while the cryptocurrency is down by 60-70%, the dominance goes completely to Bitcoin, and all altcoins are very weak at that time. Ethereum has even renewed its lows, which shows the enormous weakness of altcoins right now. There is nothing unusual about this, it has been repeating for over 5-6 years.
Overall, this means that next Altcoin's strong rise could be when Bitcoin renews its ATH and a large number of traders and investors return to the market.No one knows when it will happen. Maybe in a week, maybe by the end of the summer. Stay tuned for updates so you don't miss the good opportunity.
🔥Are you waiting for the altseason soon or it will happen when the BTC update it`a ATH ? Let me know in comments!
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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