After the retest of the descending channel 2 weeks ago, Bitcoin moved towards the previous horizontal resistance and went down again to the same level. Basically, BTC has been ranging since January.
At this moment, with the current volatility across all markets, it's impossible to see a clear direction. We can see both scenarios as a perfect probability at the moment. Pattern wise, BTC is creating a new ascending channel with the horizontal resistance creating a possible ascending triangle, which is a bullish pattern as we can see in the chart below but fundamentally wise, if the stock market continues falling, digital assets will follow.
Dominance retested twice the rising wedge and is testing again the purple box. Over the purple box we could see a fall on BTC followed by altcoins, and a rejection on the purple box could be seen as good for altcoins as commented before.
ETH has not been able to break out the main descending trend and at the moment it is forming a possible bear flag.
The fact that we didn't break out from the main descending trend earlier is a clear bearish signal.
The market is ranging while stocks are falling. Price action in the same range tends to break violently, as we had in the last quarter of 2018.
That price action is more and more similar to that point where we lost all volatility for months until the final breakdown of the market and further capitulation.
For the moment, being cautious is the best positioning, as capital preservation is a good strategy during these market conditions until we see a clear trend.