Overview
Chart #1 - Ethereum to Bitcoin Ratio (ETHBTC) Daily
Chart #2 - Bitcoin Dominance (BTC.D) Weekly
Chart #3 - Ethereum Classic (ETCUSD) Weekly
Chart #4 - Cosmos Hub (ATOMUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Ethereum to Bitcoin Ratio (ETHBTC) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Following the approval of the Bitcoin spot ETF, there was a positive reaction in the market.
A great chart is ETH/BTC, which saw a positive breakout through the daily descending resistance line originating from June 2023. ETH might be gearing up to outperform BTC in the coming weeks.
ETH/BTC is currently at 0.05615 and is in an area of resistance between 0.055 and 0.05665. The ratio might range in this area for a short while before moving up again to test the next area of resistance at 0.06050 โ 0.06200.
If ETH continues to outperform BTC in the coming weeks, it will be very bullish for the alts in general.
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Chart #2 - Bitcoin Dominance (BTC.D) Weekly
Chartist: Kyle
(For the chart screenshot, click here.)
The FUD that was created over the past days around the ETF news is forcing Bitcoin prices down and Bitcoin Dominance too.ย
Observing higher timeframes - like the weekly - we can see Bitcoin Dominance heading to its local support at 51.5%.ย If Bitcoin Dominance manages to hold the 0.382 level, there is a strong possibility that it bounces from there - as long as Bitcoinโs price stays above $44.700.
The next resistance will be at 60% which also is the 0.618 Fib level. While dominance is dropping, it presents us with opportunities in the altcoins.
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Chart #3 - Ethereum Classic (ETCUSD) Weekly
Chartist: Kyle
(For the chart screenshot, click here.)
Is the Ethereum ecosystem waking up?
Here we have Ethereum Classic (ETC) breaking out of its range that goes all the way back to October 2022! If bulls secure the level of $27.30 they will push the price into the $40s - where the next resistance is.
If itโs a bull trap, then we may see it crashing into the $18 region.
We know that ETH so far was underperforming Bitcoin, but maybe now itโs time for that to change!
As a reminder, we wonโt chase the move. Rather, weโll wait for the region above the range to be retested.
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Chart #4 - Cosmos Hub (ATOMUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
ATOM has experienced an overnight rally of almost 11%, rising from the $9.50 level of support up to where it currently faces resistance at $10.50.
I am monitoring BTC, and if its price continues to trend sideways, the altcoins, including ATOM, should continue their rally. If ATOM can break the $10.50 resistance, there is a possibility of it testing the $12.00 - $13.00 area of resistance.
Itโs worth noting that the daily descending resistance line from September 2022 also intersects in the $12.00 - $13.00 area of resistance.
A break through that area could lead to a massive surge for ATOM.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 76 today, indicating Extreme Greed.
The highest the index has been over the past seven days is 76, and the lowest is 70.
Banterโs Take
Regardless of the ETF outcome, today's CPI meeting may also introduce some volatility into the market.
Overall, the sentiment remains bullish with no strong indications of a reversal, as long as Bitcoin stays above the $44,700 mark. Even if Bitcoin re-enters the old range, a shift in sentiment might occur if it falls below the $40,200 region, providing a significant threshold.
It's important to remember that crypto moves in cycles and turns, and it seems that it might now be Ethereum's turn to make a run. This presents potential opportunities, so weโll stay alert and be ready to seize them!
Stay safe my friends!
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