Many researchers and big players have noticed that lately the market has been very quiet. Not because the previous aspect is something negative but something that makes us think that we are about to reach the end.
However, and as a summary, we want to have what is really happening with the two main cryptocurrencies on the market in their various scenarios.
To begin with, we have Bitcoin going on a meaningless side road for some, but boring for others. On the other, we see Ethereum, which thanks to its latest updates, is shaping up towards the touch of the historical maximum little by little.
Weekly for Bitcoin we see that the volumes are going down little by little. We recognize that for the latter it is something gradually normal, but we must be careful if this period of progressive and doubtful accumulation is extended.
We do not have an absolute truth, but we do recognize that we are within a symmetric triangle, (just being built), which would identify the cumulative prices between 59734.51 and 50110.07, and with a support closer to 3640748. It really is a meaningless lateral trend.
In the same logic, other indicators show a progressive sell signal towards wave 4, but continuation with wave 3. This pluralism of the indicators going from one side to the other is what is causing that feeling slow to breathe and doubtful.
We believe that this period can be extended for a few months until the exact recovery of the dominance of Bitcoin, which currently marks between 40 and 50% of the total market capitalization.
Really a low dominance in Bitcoin makes many give up and begin their period of sale and realization of profits. But on the other hand it can be good for altcoins that are really experiencing exponential growth.
However, it is very important to remember that the market will enter the third phase of high after the break of the 60k resistance and in that same vein, the invalidation of the crossing of the weekly MACD moving averages.
While Bitcoin stands still, Ethereum on its side continues to break down barriers. We had told premium members that after breaking 3243.82, the next target to hit would be approximately 4675.57. That’s more or less 44.23% of appreciation. So far we have obtained 16% of that.
On a weekly basis, Ethereum will continue to extend that wave 5. For now we are betting as the maximum target 6k until the end of the year. With this, the indicators continue in favor of the trend, showing a progressive and positive sentiment. It seems that the latest Ethereum updates are helping a lot to stay within a good asset row for investment.
Other cryptocurrencies that surprised this week were Litecoin with the break of its all-time high; Ethereum Classic, which is emerging as an alternative to Ethereum; and Chainlink, which broke the 40 USD resistance; but of all, the one that remains on the lips of many is Dogecoin, which appreciated more than 100% this week and seems to scare or want to step on the much appreciated value of one dollar.