Greetings, colleagues!
This week, the Fed meeting and Powell's conference took place, after which it became clear that Powell is again dragging his feet with decisions, rates remained the same, as expected according to forecasts, and now the market is watching and will react to macro data. If inflation continues to fall, we can see an acceleration in market growth.
Additionally, in good news for the crypto market, US banks have officially been allowed to work with crypto, managing all risks. Also, Trump's company has purchased more ETH.
There are also negative news, such as the delisting of USDT from one of the exchanges in the EU and Canada, but overall there is more positivity.
The situation with Bitcoin hasn't changed much. There was an attempt to overcome the important resistance of $105K-106K, which I mentioned in the previous review. It is crucial to break it confidently for further growth and a new high from the current zones. If it continues to grow from the current levels, I expect to see a new high around $112K at the resistance of the ascending channel. If it corrects to $90K-92K, then the new high would be around $115K. However, for a correction to the $90K-92K zone, the asset needs to drop below $100K and break the low from 27.01.25. Therefore, in the near future, we will closely monitor the levels of $98-100K and $105-106K. The further mood and movement of the asset will depend on them. In the framework of opening a new monthly candle tomorrow, I expect to see a wick at least up to $100K (the high of the November candle).
Currently, a local downward trend is forming inside a large daily ascending channel, within which I do not exclude movement towards the buyer block of $90K-92K. At the same time, I emphasize the importance of breaking through the nearest zone of $105-106K, which coincides with the resistance of the previously mentioned local downward channel.
Ethereum appears to be preparing to exit the wedge formation on the daily chart, and given the positive news backdrop, it is highly likely to do so. For further confident growth, it needs to break the level of $3500 and hold above it.
I don't see the point in predicting altcoins as a whole (except for individual coins moving against Bitcoin) until Bitcoin dominance #BTC.D begins to actively decline. Currently, the instrument is in a reversal block below the 60% level, and a bullish engulfing pattern has formed on the daily chart, which increases the chances for further decline. If it goes above and holds above 60%, we can forget about the alt season. But this scenario seems unlikely to me.
USDT dominance, after breaking and retesting the ascending trendline, has again approached key strong support, and I expect the altcoin market to grow if this support is broken. If we recall and compare the charts, we saw good growth of altcoins at the break of this trendline at the end of November and the beginning of December last year. The main thing is that the dominance #USDT.D flows into the dominance of altcoins #TOTAL2 after breaking support. Considering such a flow at the end of last year, I expect the "feast" to continue soon.
That's all from me! Thank you for your attention!
Wishing everyone profit!