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The big day has come and gone. We are less than a day away from the start of the US elections. Bitcoin managed to break out of the descending and expanding wedge to the upside in which it had been moving for 6-7 months. Wedge-forming diagonal resistance has served as support over the past two weeks, and Bitcoin is making a weekly close above this area. We can say that Bitcoin has come a long way since the summer months. Bitcoin, which has risen from $49,000 to $73,000, also allows BTC.D (Bitcoin Dominant) to rise in the process. We are facing a period in which Bitcoin needs to be at the $65 thousand level.
Bitcoin’s dominance does not bode well for altcoins
Bitcoin dominance has managed to break through the major yellow resistance zone, which it did not cross between April and October 2024, and this is not good news for the altcoin market in the short term. We can say that Bitcoin will have more scope to dominate the market in this period. The yellow zone covers the 57-58% range and will serve as a new potential support zone. The green zone covers the range of 61-63% and this zone constitutes the main resistance zone. We see that BTC.D has entered the overbought zone on the weekly time frame and we can think that it is close to reaching saturation, at least in the short term. Bitcoin’s increasing dominance as Bitcoin continues to grow will please altcoin investors in the medium term. The key point here would be that Bitcoin remains strong and continues its rise.
ETH showed it was not ready.
Ether, which disappointed its investors and cryptocurrency followers, appeared to be unprepared for another expected breakout. We see Ether selling again as it approaches the green major resistance zone. The ETH/BTC parity entered an oversold pot after a very long time. ETH/BTC was last in an oversold pot in October 2023. We can say that the weakness of ether has now reached a level that pushes the limits.
Total market cap stuck: A big move in the market is expected very soon.
The total market cap was caught between critical regions. The white diagonal trend was retested as resistance last week and failed to break again. While this is happening, it should not be forgotten that the total market cap is also close to the green major support area. The outlook shows us that a big move awaits the cryptocurrency market very soon. The US presidential election is also likely to be affected. Donald Trump has literally become a “cryptocurrency friend”. Kamala Harris also said that she will not undermine the industry. In any case, the election of Donald Trump is a much more reasonable option for cryptocurrency investors.
Once the $2.45 trillion mark is crossed, the cryptocurrency market will get a lot of relief. We should maintain more than $2 trillion in the foreseeable future.
The channel in Altcoin market cap could not be broken
Altcoin Market Cap summarizes the current state of the altcoin market very clearly. We are in a better position in Total Market Cap 3, where Ether is inactive, but in Altcoin Market Cap, where Ether is included, the pink channel cannot be broken and the pink minor resistance zone cannot be crossed. It has not yet been able to colonize these two regions. The altcoin market continues to rise in price amid uncertainty, and Ether in particular is vulnerable. Some altcoins are doing much better than Ether. We can give BNB, SOL and TRX as examples. Some relatively new altcoins such as ARKM and SUI are also performing strongly. Need to prove something for the upcoming season. There should be no rush to take new positions in products that have lost key support zones, and weekly closes should definitely be taken into account.
Above $1.35 in ARKM is enough for now.
What is the Status of the Altcoin Market?
ARKM managed to break the yellow channel to the upside in which it remained volatile for quite some time. ARKM, one of the strongest products in the altcoin market, is yet to break through the turquoise major resistance zone spanning the $1.6 – $1.8 range. To pass through this region, the altcoin market also needs to relax a bit. A stay above the $1.30 – $1.35 range for now would be enough for ARKM.
ARB’s outlook is not positive.
Orbitrum is one of the projects that Turkish investors follow closely. We see that ARB’s weekly close last week was very weak. The closure below the red zone is the first time in two weeks. It cannot be said that the current outlook is positive.
PEPE finally reaches diagonal support.
PEPE stays strong whenever possible. When PEPE was testing the area of cream resistance in the previous weeks, it didn’t seem logical to make a new move. We see that PEPE is finally reaching diagonal support. This area seems to be a much more reasonable area for PEPE lovers. It should not be forgotten that if PEPE breaks the 0.00000790 level, the decline may continue.
DOGE continues to have a strong outlook.
Dogecoin remains strong. While the altcoin market is in a very bad shape, it can be said that DOGE has a positive difference due to the influence of Elon Musk. The purple area was tested last week and rejected from the area. Of course, it is very natural for DOGE to be rejected from the Purple Zone. Yet it seems to have taken a new step upwards in the new week. In the current process, we would like the DOGE to stay above the 0.14 level.
The AAVE test
AAVE has settled above the pink zone in recent months. We talked about how the pink zone covering the $114 – $137 range could become a new major support zone. AAVE is giving exactly that test this week. The pink zone is being tested with the hope that it will turn into major support this time. When AAVE is above the pink zone, we can say that the pink zone is “cheaper”. If the pink zone is broken, we end up in an environment where the pink zone is “expensive”. A critical test.
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