š BTC worked out my previous scenario from April 22 and reached strong resistance of 72k. This happened not without the help of various news channels in the form of decisions on the approval of spot ETFs for ETH. Everyone knew about this event for several months and of course, based on expectations, ETH gave a strong growth of 35%, pulling with it the entire market and, above all, coins in the ETH ecosystem: ARB, OP, STRK, EThFI, ENS and others. There was also a strong inflow of about 200 million into large funds after several weeks of outflows. Yesterday, the approval decision I expected did not bring any significant growth; moreover, there were large sales and most altcoins maintained a bearish trend, although many found their local bottom on May 1-2 and turned around. I expect BTC to range between 59k and 68k soon. As they say, āsell in May and leave.ā Historically, at the end of May, most major players go on vacation and there is little liquidity in the market. On May 1, we saw a good correction in the market. But it is quite possible that in June we will see altcoin prices even lower, since BTC.DOM is still in an upward trend.
The halving is behind us and it is obvious that now BTC will go to punish short sellers at the level of 71-72k. There are 5-6 billion liquidations accumulated there. I already wrote about this earlier in my last post.
Today, Bitcoin increased from 63k to the level of $65,500, and at the same time its dominance of BTC.D simply collapsed and the alts began to recover. Bitcoin needs to break through the $65,500 mark and gain a foothold there to grow further. But there are still few volumes on the market, since today is Saturday. I expect further growth in altcoins and a decrease in volatility on Bitcoin. I expect Bitcoin dominance to decrease to 54.5-55% in the coming days, which will accelerate the recovery of the alt market.
I havenāt sold anything yet from the positions I took last week, I expect that next week we will be given several green days and excellent growth, on which we can close positions at a good plus. This weekend you can relax and not look at the market for now.
š Have you noticed that everyone is waiting for BTC to drop to 53k now and is writing about it in chats and their forecasts more and more often?
I don't agree with this. This shouldn't happen at the moment. At first, BTC will grow and greatly upset short sellers.
BTC held on to important support at 60600$ ā I'm still waiting for a rise to 71k, where a huge number of orders have accumulated. This is even visible on the liquidation map. We will see a very strong movement in Bitcoin in the coming days. Be patient and don't look at your portfolio yet. Good luck!
Buyers are actively pushing the price up. A rollback to 66k and then breaking through the resistance at $66,900 to 71-72k with the liquidation of shorts is possible.
Short term!
We already saw $2 billion liquidation on Longs over the weekend. Now I'm waiting for the return movement to the top. Large players deposit large amounts of money on exchanges.
Yesterday I took a screenshot and made a forecast of an obvious decline in Bitcoin dominance BTC.D to 54.9%. This is the most important indicator for altcoins. It means that money from Bitcoin begins to flow back into altcoins.
Let's hope that the 57% Domination value was the peak. I expected to see 60% in the darkest forecast, but fortunately this did not happen. If the trend continues, a downward trend in dominance will begin with a target of 40-45% within six months. And this will mark the beginning of the real altseason, which we have been waiting for so long. Since many altcoins are still very far behind Bitcoin in terms of growth rates.
As I wrote in the previous post, on Monday the market will exhale and Bitcoin will be able to rise to 67-68k.
Just in time for this, positive news came about the approval of spot ETFs in Hong Kong. And the conflict in the Middle East is over for now. Congratulations to those who were not afraid to buy the market drawdown this weekend when the blood flowed.
Prometheus
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ā”ļø BREAKING: šš° Hong Kong approves spot Bitcoin and Ethereum ETFs.
As I wrote in the previous post, we need to pay attention to the dominance of Bitcoin BTC.D, which yesterday reached the resistance of 57% on the daily timeframe at the time of the outbreak of the conflict in the Middle East. And Bitcoin fell at the moment by 5000$ down and altcoins continued to decline by another 15-20% after falling on Friday.
This was very painful, especially for futures traders who did not follow risk management. Yesterday I bought altcoins on the drain with the remaining funds. I expect Bitcoin's dominance to return to the 54.9-55% level in the coming days.
I think we need to wait until Monday and we will see a slight rise in BTC to the level of 68k and altcoins will win back part of the fall. And then we will need to monitor the situation in the world. If new military conflicts do not escalate, then by the time of the halving on April 19, we will see market growth and a gradual recovery within a week or two. Many altcoins fell to their weekly lows yesterday. Especially the ATOM coin, which reached $7.2.
Many are now shouting about the reduction of BTC to 51-52k. I admit a decline in this area of āāinterest, but not in the near future. But after halving we will see ATH on BTC. After the halving we may see a deeper correction.
As expected, the dominance of Bitcoin BTC.D after a month of consolidation broke through the important level of 54.9% and immediately went to 56.2. I only trade spot and tried to trade altcoins in early April, but dominance began to rise dangerously and volatility in the market increased significantly before the halving on April 19th. I chose the strategy of waiting out these 2 weeks. Yesterday was the culmination of the growth of Bitcoin dominance and the obvious flow of money from altcoins to Bitcoin and their stronger drain. I was 100% in USDT before the market crash. Now I buy coins on the spot market, since such an opportunity occurs once every six months. Don't miss it if you still have funds left.