Good morning. Yesterday's daily candle closed well for buyers. The dynamics of price growth shows that the impulse is still incomplete.
On the 3 hour timeframe, we see that buyers are in strict control of the local trend line and do not allow the price to go beyond it.
Buyers are in no hurry and come to the critical point without much aggression. We have narrowed it down to $39700-40500.
An important fact for buyers - the price broke the mark of $37170 . This local mark is interesting because on January 29, it was there that 3-hour candles were closed before a sharp price reversal. We will consider it to be a critical point of true local growth.
BUT BUT BUT!
BTC dominance is not growing. most alcoins do not have the strength to continue to grow with bitcoin. Some of them fall. This is a bad trend, it speaks of a likely wave of fall that can be expected by the entire crypto market.
Therefore, be careful with Longs. for now, we'll see the fight in the $39,700-40,500 range. Have a good day!
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Beautiful fight but you’re way too pessimistic, cryptos total market cap is on the increase. Bitcoin market cap 740 with a dominance of 70% on the day of ATH. Now is 690 and 62%! Plenty of room for further price surges IMHO. Best regards.
P_S_trade
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@Bitpal, Maybe. However, we believe that the correction of such a strong growth trend is too short.