As anticipation grows bigger, Bitcoin seems to like going sideways. Are we near the end of the consolidation period?
Let’s look over the charts.
BITCOIN
BTC did not move much in the past days, which was indicated to happen in the last analysis. New buying wall has appeared between $29 500 – $30 200, which is full of bulls’ orders. With that being said, lower levels are not to be expected in the next days.
The consolidation/ranging for BTC seems to not be over. It is very likely that we will be seeing spikes between the lower band where buying orders begin – $30 000 – and the local top of $31 500 where sell orders are set. This is because between this range there are not major buying and selling orders, which means BTC can move more easily.
BTC continues uptrend momentum because the price sustained Daily 21 MA. However, the price going below $30 300 will prove weakness in the currency and lower levels are to be seen. Currently, looking to see more ranging for BTC between the most recent support and resistance lines in the next 48 hours.
In order to see a shift in the sentiment, we have to analyse BTC liquidate either the next major resistance or support. The tightening has weakened and now the next support/resistance areas have stretched out. This in essence means that BTC is open to more volatile moves.
BITCOIN DOMINANCE
The indicator is reaching its local top. It has been steadily climbing since the bounce of its support. It is interesting to see how it behaves in order to track if we will be seeing a relief in the altcoins.
At the current state of the indicator a rejection from the local top will prove beneficial for other currencies. Looking to see a rejection on the the level with a move down.
SOLANA
SOL has lost the short term momentum line just as analysed in the last post. With a precision was also indicated the most recent support on the price where eventually SOL bounced from.
SOL has bounced of the Weak Support zone and has since reached the Resistance again and the momentum line (grey one on the chart). Looking to see SOL reach lower levels but the price is heavily supported by small buying orders between $20.90 – $20.20.
Liquidating the zone between $22.40 – $23.40 means higher levels in the long term should be seen for SOL. Currently, not many major orders are under the price to push it higher. There are minor ones but the selling pressure can get them executed.
Looking to see SOL drop from current levels. Liquidating above $23.30 flips the scenario.
