Hello everyone, colleagues!
We begin the new September week with upcoming events on the economic calendar.
This week is not as eventful as next week is expected to be (Fed meeting on interest rates, speech by J. Powell).
However, there are a couple of events that could be interesting and cause volatility in the markets.
Tomorrow, 10.09, there will be debates between two US presidential candidates - Harris and Trump. And according to most analysts, the upcoming discussion can give a significant boost to the market.
11.09 - US inflation report for August, which is also marked as an important event.
Since the last review, the asset has continued to decline in line with our expectations and has received a slight reaction from buyers at the nearest support of $53K.
Globally, I have already said that I expect Bitcoin to decline further to the two-month trading zone in the range of $41-44, where the global ascending support is located on the logarithmic chart.
Locally, in the near future, I expect to see growth into the resistance zone of $56-58K, and if there is no positive news, then from there we will again see a test of the $50-53K zone, where there is also a descending support of the almost two-hundred-day channel.
Looking at the dominance, which for several weeks now has not been able to break through the 58-60% zone, in which a reversal and a large-scale withdrawal of money supply volumes from Bitcoin were expected. Also on the logarithmic chart of the 1 Week TF, we see that the dominance values have again gone under the descending global resistance, but, judging by the monthly trading under this resistance zone, a false impulse higher and a global reversal downwards cannot be ruled out.
#TOTAL3 (capitalization of all crypto excluding BTC and ETH)
On this chart we see a formed flag and a test of the key support at the level of $465B in early August, just when there was a spill on Bitcoin and an increase in its dominance. Now, in the case of an increase in BTC dominance to the above-mentioned levels, we can see another test of the key support at TOTAL3 up to the values of $440B, where the 200DMA 1Week also passes, within the local descending channel in the form of a Flag figure. Otherwise, with a decrease in BTC dominance from the current ones, we will also see growth and a breakout of the flag on TOTAL3, which will help revive the altcoin market.
