Cryptocurrency Market Analysis
This analysis focuses on the current situation of the cryptocurrency market, highlighting Bitcoin's immobility and the consequent rotation of capital towards other assets.
Altcoin Performance Against Bitcoin
It is observed that while many altcoins have experienced significant price increases in relation to the USDT (Tether) pair, their performance against Bitcoin has been marginal. Despite large percentage increases over short periods, these have not translated into sustained bullish trends or relevant technical changes in the altcoin/Bitcoin charts, as evidenced in cases like Ethereum and Cardano.
Bitcoin Dominance
Bitcoin's dominance continues to rise despite the surges of altcoins, suggesting that the overall market trend still favors Bitcoin. It is noted that Bitcoin's dominance has consistently rejected Fibonacci retracement levels, a pattern observed in recent years.
Ethereum as a Key Player
The analysis highlights Ethereum as the highest-performing asset in the market currently. While altcoins against Bitcoin have shown some upward movement, altcoins against Ethereum have experienced losses in value, indicating that Ethereum is outperforming other altcoins.
Historical Market Patterns and Future Outlook
There is a historical pattern where altcoins against Bitcoin tend to reach a low in June and experience an impulsive movement in July and August, followed by a downward correction at the end of August. This pattern has been repeated in several years.
Based on these patterns, it is anticipated that the current surge of altcoins against Bitcoin could conclude in August, leading to a corrective downward movement. This correction could set the stage for Bitcoin's dominance to have one last upward push in September or October, completing its medium-term bullish cycle. In this scenario, it is likely that Ethereum will form a higher low against Bitcoin around September/October, while other altcoins against Bitcoin may form lower lows.
In conclusion, Ethereum positions itself as the 'winning horse' in the current market, both against the dollar and other altcoins. Market data suggests that Ethereum is the strongest asset to invest in at this moment.
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