Even though traders have been optimistic since Trump became president, the market has been falling consistently since then. Is altseason delayed, or is it ever going to happen this cycle? Let’s go over the possible scenarios together.
7 Days Heatmap
BTC and ETH dipped significantly this week by -8.8% and -13.9%, respectively, dragging the entire market down with them. BTC dominance is still rising and hit a new high this week at 59.65%, making it harder for altcoins to gain momentum.
BTC Analysis
According to our last roundup article, BTC remains overall bearish, trading within the falling wedge pattern marked in orange.
If the last major high at $84,500 is broken to the upside, a bullish correction toward the upper orange trendline would be expected.
Meanwhile, BTC will remain bearish in the short term and could still decline toward the lower orange trendline and the $72,000 support level.
ETH Analysis
Just like BTC, ETH has also been bearish, trading within the falling channel marked in red, as mentioned in our latest market outlook.
For the bulls to shift the momentum in their favor long-term, a break above the upper red trendline and the $2,100 resistance level is needed.
Meanwhile, a further decline for ETH remains likely as long as the $2,000–$2,100 resistance zone holds.
In this case, the next major support would be around $1,500–$1,600, which intersects with the lower red trendline.
Quote of the week
You never know what kind of setup market will present to you, your objective should be to find an opportunity where risk-reward ratio is best.
~ Jaymin Shah
Closing Remarks
In summary, the crypto market continues to struggle despite initial optimism, with BTC and ETH experiencing significant declines of -8.8% and -13.9%, respectively. BTC dominance has reached 59.65%, limiting the potential for an altseason rally.
BTC remains bearish, trading within a falling wedge pattern. A break above $84,500 could trigger a bullish correction, but in the short term, BTC may drop further toward the lower trendline and $72,000 support.
ETH is also in a bearish trend, confined within a falling channel. Bulls need to reclaim $2,100 for a momentum shift, but as long as the $2,000–$2,100 resistance zone holds, ETH could decline further to the $1,500–$1,600 support area.
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