Crypto Market Update 07/19/2022

BTC

BTC is consolidating in the supporting Fibonacci zone, creating a new ascending channel. At the moment we are seeing a small relief rally which is also normal in the current market conditions.

BTC Dominance

Nothing new on dominance, it is still on the way to the lower level of the yearly range while altcoins are gaining momentum.

ETH

ETH bounced on the lower side of the channel and the main level, it can go to the upper side of it if BTC holds its momentum.

CONCLUSION

Nothing new is happening after a few weeks of ranging. As we have seen in the past cycles it is normal to see some bullish momentum during the summer months, which is what we are seeing at the moment before finishing the last possible bearish movement.

The accumulation phase is beginning and patience will be the key during the rest of the year.