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Recently, the crypto assets market has shown a complex trend. After a false breakout on the Bitcoin daily chart (BTC), it has pulled back, and a falling wedge can be seen on the 4-hour chart after the breakout. With the month-end approaching, the market is expected to face significant fluctuations. Investors should closely follow the potential key market turning point that may occur in the first week of next month.
Ethereum ( ETH ) continues to show strong momentum, despite a pullback after reaching a new high, with the lowest point touching around 3700, but subsequently showing a short-term rebound. The ascending triangle pattern on the 4-hour chart is still ongoing, indicating its potential for continued upward movement.
Analyzing several key indicators, the first is BTC.D (Bitcoin market capitalization dominance). Although there has been a recent correction of about 10%, it still remains above the upward trend line and within the range. This indicates that Bitcoin's dominant position has not yet been seriously challenged. However, if the subsequent rebound fails to create a new high or experiences a deeper pullback, it will be more definitive to determine whether BTC.D has peaked.
Secondly, the TOTAL3 (Total Market Cap of Altcoins) indicator shows that the market cap of altcoins is close to the previous high but has not fully broken through. This suggests that in the second half of the year, altcoins, especially Ethereum and other strong altcoins, may perform well.
The weekly chart of Bitcoin has continuously formed doji candlesticks, still showing a strong momentum. Although there has been a pullback after a false breakout on the daily chart, the resistance level of 121000 has not yet been broken. The daily chart MACD indicator is still below the zero line, with the fast and slow lines in a crossover state, which indicates that the market may soon welcome new changes.
Overall, the current crypto market is at a critical moment, and investors need to remain vigilant, closely follow various technical indicators and market trends in order to seize investment opportunities and avoid risks.