BLACK SWAN UNDER THE US ANTHEM
Hello everyone, colleagues!
Well, the global scenario of price decline has already begun to unfold, and Bitcoin has almost reached the upper limit of the range $70K-74K. On the Bitstamp exchange, it was just $434 short of the first target. But it's not evening yet.
As expected, we received the first reaction from buyers; a pin bar is forming on the 6-hour chart (at the time of the review), with the final completion of which I expect a local rise to $80K as a retest of the broken ascending trendline and to gather liquidity in this zone according to the heat map of liquidations. If there are no positive news, I expect further decline from this zone below $74K, into the reversal zone of $70K-74K, with dips even lower.
Further in this zone, we expect the formation of a reversal figure in the form of consolidation, followed by recovery.
If we manage to break out of the retest at $80K and stay above $82K, we can consider that the buyback has taken place and buyers have actively joined the market. In this case, the next target I see is the zone above $90K, where a significant portion of liquidity is highlighted on the heat map on higher timeframes.
#BTC.D the dominance of Bitcoin continues to grow and has already reached the zone of 64%, which I mentioned in previous reviews and expected a correction from this zone. So far, we have received a small reaction; let's see how it goes further.
Against the background of the rising dominance of Bitcoin, Ethereum has just hit the high of 2018, which I also mentioned in the last review last week, and the asset has entered the zone of $1420-1500. Overall, I expect a recovery of the asset from this zone, possibly after some consolidation. I also do not rule out a dip to the mirror level of $1350. I think this is a good range to accumulate the asset in the portfolio before its recovery. Just in case, I would leave a piece of working volume for a position at the level of $1150. There is a probability of a decline there, given the current fear in the market.
According to the economic calendar, the most eventful day this week will be Thursday. However, I think these reports will only shake the market locally. For stronger impulses, we are monitoring news from the US government regarding geopolitics and the global economy.
Thank you for your attention. Wishing everyone profits!