Hello, Traders!
After the rapid growth, the market went into a correction.
The price drop interrupted the buyer's liquidity buffer in the range of $480-520.
On the weekly chart, we clearly see a bullish correction of the entire upward movement from September. The price has tested the lower bound of the trading range 488-626$.
To continue the ETH altcoin rally, it is necessary to form a support level and gain strength to exit the range 488-626 $ to the next level 828 $.
Bitcoin Dominance
We can see a bounce back to the 64.24 level on the chart of bitcoin dominance, which is a quite normal correction.
If the level 64.24 becomes a local resistance, it will give an impetus to the continuation of the decline in the Bitcoin domination to the level of 59.83 and the continuation of the growth of altcoins.
Watch out for the market and leave your feedback in the comments below!
After the rapid growth, the market went into a correction.
The price drop interrupted the buyer's liquidity buffer in the range of $480-520.
On the weekly chart, we clearly see a bullish correction of the entire upward movement from September. The price has tested the lower bound of the trading range 488-626$.
To continue the ETH altcoin rally, it is necessary to form a support level and gain strength to exit the range 488-626 $ to the next level 828 $.
Bitcoin Dominance
We can see a bounce back to the 64.24 level on the chart of bitcoin dominance, which is a quite normal correction.
If the level 64.24 becomes a local resistance, it will give an impetus to the continuation of the decline in the Bitcoin domination to the level of 59.83 and the continuation of the growth of altcoins.
Watch out for the market and leave your feedback in the comments below!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.