The price of Bitcoin has finally confirmed a daily Kindle close well above $25.2, which is confirming the breakouts. Above this range of resistance, and now that this is the case, the next important range of resistance is sitting in between 28,000 and 29,000, going up towards around 29.5 K. So, once again, in that price range, the next significant area of resistance that I’m paying attention to here on the daily is
The Crypto BEAR Market is OVER :
Bitcoin chart, and as for support in case we see a rejection from around 28 to 29 000 then, for support, I’ll be looking at this previous range of resistance in between 24.3 and 25.2 K, which should now be acting as supports, and as for the larger trend at play, obviously we are trending in the bullish direction, but with the recent break above 25.2 K, this has now invalidated the larger bear market trends, because now we are finally seeing the first significant higher high on the charts.
The first significant higher high that we’ve seen since the beginning of the Bitcoin bear market back at the end of 2021 and so Obviously, this right here is no longer a bear market price structure and instead is a strong signal that we are now in more of a recovery phase out of the bear market.
But, obviously, this is talking about the larger trends at play, but if you’re zooming into the shorter term, this right here is the four-hour Bitcoin to dollar chart and right now, as I’m writing this blog, We do have a small bearish divergence playing outright now, and in case you’re new to all of this, it’s a bearish divergence.
Basically means we’re due to see reduced bullish momentum in the shorter term now here on the four hour time frame, these four hour Bitcoin bearish divergences usually playout over around one to two days and so far, this bearish Divergence has already been playing out for around half a day, which means potentially over the next one day we’re likely due to see reduced bullish momentum which usually plays out in the form of either choppy sideways press action or a slight pullback in the price of Bitcoin, just not a lot of bullish momentum in the immediate short term is expected once again but it is important to understand that this is only in the shorter term and does not change the larger signals that we’re seeing here on the daily time frame.
For example and now if you’re taking a look at the Bitcoin dominance, this is obviously still very much in a bullish Trend, here on the weekly time frame as it has been over the last three to four months.
So this base basically means, Bitcoin is still outperforming the majority of the altcoin market on average and I continue to expect this to be the case, until the Bitcoin dominance runs into this area of resistance, which is sitting in between 47.5 going up towards around 48.5, so once again in that range right there at roughly around 48 give or take a little either side is an important range of resistance and what we’ve seen in the past over the last two years or so is basically any time where, the Bitcoin dominance runs into this range of resistance.
We have actually seen a major rejection, and it’s during those times in the market where the Bitcoin dominance is going to the downside. Those are basically old Queen Seasons where the old coins start outperforming versus Bitcoin, but at least for now, the Bitcoin dominance is once again in its bullish trend. We still have a little more room to go to the upside before we hit this resistance. which means Bitcoin is still likely going to outperform the majority of the altcoin market at least in the short term.
But anyway, now getting into the ethereum part of this blog, this right here is the daily eat to use dollar chart, and over the last one day, we have finally seen a daily candle close well above 1.7 K, confirming the breakout above 1.7 K. So, obviously, now that this breakout is confirmed, this is clearly a bullish signal for the price of Ether here on the daily timeframe. This is a bullish price structure.
So that is still acting as a resistance for now but if we see a confirmed breakout well above 1 1.8 k then in that case I would expect the next major resistance to start at around two thousand dollars making that the next significant price Target to the upside, if we see a confirmed breakout above 1.8 K and as for support on The Daily time frame, I would expect this previous range of resistance to now act as new support and this price range is coming into play in between 1650 to 1.7 K, once again and now if you zooming into the shorter term this right here is the four hour ether to US dollar chart and right now we do have an active bearish Divergence playing out just in the short term which once again means we’re due to see reduced bullish momentum and like, I also said earlier in this blog.
These divergences on the four-hour time frame usually play out over one to two days on average, which means potentially over the next day or so we’re likely to see reduced bullish momentum. Once again, just in the shorter term here, and this usually plays out in the form of either choppy sideways press action or a slight pullback in the price, so expect that potentially within the next one to two days, but if you want to know how to maximise your profits in crypto no matter if the price is going to the upside to the downside or simply chopping around it sideways.
