Not much has been happening for the biggest cryptocurrency out there in the past few days. More movement was detected in altcoins with the Dominance Indicator going down.
When will we be seeing an end of the consolidation? Let’s see what the charts say.
BITCOIN
The past few days have been boring for BTC, as the price has not moved much. We saw a spike down to $29 500, which is also the exact bottom of the Support box. After that the price recovered, so we can conclude that this price movement was more of a trap for traders with long positions.
The overall picture has not changed much. Sideways movement was expected and we are still seeing it. BTC is not looking likely to liquidate the orders below $32 000 and push higher as of now. The Resistance zone is located between $31 300 – $32 000.
Altcoins pumped because the BTC Dominance went down. We would have seen an even bigger pump if BTC lost value too. Looking to see BTC move with no significance even more before eventually seeing a new spike in price. The sentiment stays the same – bulls need to show buying power, otherwise BTC will be making a pullback.
BITCOIN DOMINANCE
The BTC dominance reached 52.15% before eventually going down. Looking to see a bounce of the close to the percentage area, however the bounce is looking to be not that big.
What does that mean? It is healthy to see the indicator go down, as this brings relief to the altcoins. Lower levels are expected to be seen on the BTC Dominance.
SOLANA
SOL has played out with a textbook move. The price reached the Major Support area and then spiked up to the Major Resistance, where bulls lost the momentum.
The ex resistance can now be considered minor support. The price of SOL has been supported with buying orders from $17.90 to $19.20, which shows that we are not going to see a major spike down.
It looks likely that SOL will enter the Major Resistance box again but the move can put off some traders. A confirmed positive move means SOL to close above $20.50 until the end of the week. Otherwise, lower prices in the mid $18 area are to be seen.
