NEW HIGH WITHOUT CORRECTION
Hello everyone, colleagues!
Last week, Bitcoin surprised with a new high, somewhat unexpectedly, as several signs indicated a correction was due. Therefore, the new high was expected a bit later. However, the chart told us a different story.
A couple more signs of a reversal (correction) have emerged since last week: Bearish divergence on the 1D MACD, RSI remains close to the overbought zone, and a reversal pattern 'Engulfing' has formed at the historical peak on the 1D chart.
The nearest support is currently in the $105-106K zone, where a local upward trend line also passes.
Looking at the asset growth since the beginning of April, one might assume that they won't let it drop below this support and will continue to push Bitcoin for another high (+-$120K)
The next key support is the $100-101K zone, a drop below which would most likely signify the beginning of a bearish cycle, or rather its confirmation.
Despite the fact that the #BTC.D dominance is not in a hurry to fall, Ethereum looks quite confident. Currently, on the 1D chart, the 200DMA support holds, and an Ascending Triangle is forming, tightening towards the mirror level of $2770. For some time, the asset may move in the range of $2400-2700, continuing to tighten towards the upper boundary.
If Bitcoin drops while dominance rises, then ETH should expect a decline to at least the $2200-2300 range, which I expect with lower probability.