Crypto Market Update
BTC has been in a slow bullish movement for the last month as expected and now, it is arriving at the main resistance of this move which is the orange box.
As we can see, we have an ascending channel, but inside of it, we have a rising wedge. That means that once we achieve the top of the wedge, it is very probable that we will find resistance.
If for any reason, the ascending channel breaks out over it, we could consider this as a very bullish momentum. If that happens, we will measure the upper targets, but usually in the current market situation and arriving at the end of summer, we know that September tends to be a bearish month which could make the rising wedge breaks down and go to the lower side of the channel as the more bullish case or to the projected 161. Which for the moment, is provisional as we don’t have enough information on the final movement to do the proper measurement.
Looking at the 3D RSI, it looks like it wants to break out. If that happens, that would give us the signal of the final bear market stage and the beginning of the sidelines-accumulation period which can last for a year or more.
Dominance arrives at the lower side of the channel. We can continue with altcoins momentum until it finally reaches the blue box.
ETH arrives at the upper side of the channel and also at the resistance level. We see that 3D RSI like with BTC wants to break out, but we still need to close to confirm.
The summer rally is happening as expected before. It is possible that at the end of August we will see some cool down that will bring us to the accumulation phase at the end of a bear market.
For the moment it is good to see that cycle is going like previous cycles.