After briefly breaking below 118,000 yesterday, the market rebounded above 120,000 again. Ethereum is still leading strongly, and there is a strong rotation among altcoins across various sectors. However, one clear point is that there is an ultimatum for the final upward attack this week; the weekly line must close in the green to break through again. If there is stagnation here and it does not rise, there could be an expectation of a head formation completing the inducement and distribution.
Firstly, in the main chart of Bitcoin, the daily price has not fallen below the EMA15 moving average, indicating that Bitcoin is still in a very strong upward range. The end of the upward range means that there will be friction around the EMA15, which would indicate a stagnation in growth.
In terms of volume, we see that the increase in OBV today is very obvious, reaching a new high, indicating that the market makers show no signs of retreat. Therefore, buying on dips remains the most cost-effective choice. Hence, the volume indicates an adjustment after the rise, not stagnation or a formation of a top.
In the market of CCI and MFI, CCI is still above 100, and the support here is sufficient to trigger the next upward movement. The MFI has not yet entered the overbought zone, and overall it remains at a high level, indicating that the strength is still there. Whether it forms a top or breaks through again, we may see a rally in the future.
In summary, there is an ultimatum for an upward movement this week, but whether it is a true breakthrough or just completing a head here, we may see an upward attack. So currently, the cost-effectiveness of buying on dips is better. We will wait for the weekly closing this week and then make further plans and layouts based on the market conditions.
