This is a publication analysis of the Coendesk analyst and collegiate market technician, Omkar Godbole.
There are very few reasons to doubt Bitcoin Ascending trajectory at this time. Although the rebound has stopped in the last 24 hours, the pronounced line of bullish trend of almost 90 degrees from minimums of just under $ 110,000 continues to remain strong. In fact, prices tested that tendency line early and recovered, as shown in the time candle chart below.
Analysts suggest that those who lost the initial rebound can consider the use of purchase differentials to capture greater profits in a more efficient way in terms of risk.
What follows?
A clean rupture above the upper limit of the expanding triangle in the daily chart could clear the road to the range of $ 135,000 to $ 140,000. The upper limit acted as resistance on Monday.
On the other hand, if BTC falls below the ascending trend line of the hourly chart, we could see a corrective phase, with the first support level around $ 118,000.
What do traditional markets say?
Looking beyond BTC, traditional markets paint a panorama in which both bullish and corrective scenarios seem.
Alcistas can comfort themselves with the fact that the Move index, which measures the expected volatility of treasure bonds, continues to fall. The index fell below 70 on Monday, its lowest level since December 2021, indicating more relaxed financial conditions for risk assets.
However, the dollar index (DXY) and the yields of the treasure bonds continue to resist despite the September type cutting and the expectations of more flexibility in the future.
The DXY is flirting with a bullish double floor pattern, while the 10 -year Treasury bond performance has increased 16 basic points to 4.16% since the Federal Reserve cut the types at 25 basic points on September 17. In other words, performance has at least partially undone the type cut.
In addition to the mixture, Goldman Sachs warned that the shocks of the Japan bond market, driven by the bias of the new prime minister in favor of abenomics, could extend to the United States Treasury bonds and other important bond markets, injecting more uncertainty into the panorama.
Operators should closely follow these indicators, since the continuous strength of the dollar and yields could disturb the rebound of cryptocurrencies.
Eth: Rupture of the bullish flag
Ether It has risen 4% to form an upward flag break in the weekly graphic. A bullish flag is a consolidation pattern contracting that normally indicates a continuation of the anterior ascending movement. Think about the flag as a pause where tired bulls regroup and gather strength for the next section.
Perhaps, a strong rebound could be on the horizon above $ 5,000. That said, if we see a liquidation from now on that it causes losses for the end of the week, it would be a clear sign that bassists are taking control.
