Crypto Michaël in his new video discussed Bitcoin and altcoins’ slight corrective move which he describes as a healthy correction and not the bear market.
There are top structures in the month of December historically on the Bitcoin dominance chart which dumps for a corrective move on the market (00:30).
Michaël says the most likeliest scenario to anticipate is the Bitcoin correction and dominance drop down as far as around the 57% range[around 62% now] pushing down altcoins value against Bitcoin to form to make a double bottom retest support resistance flips, test on lower levels on USDT value as well before the expansion that usually occurs in the summer (1:23).
The Bitcoin chart is crazy at this point with the recent vertical move which means downward tests are not unlikely on the market in general (3:20). If the daily chart support zone around $52k holds, the construction is still valid and it can start continuing to the Fibonacci extension level around $63k on the short term (4:16).
Ethereum against Bitcoin is crawling down and it is a sign of weakness with alts following Bitcoin corrective move (5:05). Cardano overall construction is still very bullish, however it’s also facing a massive resistance and a retest is not unlikely, critical level to watch on short term is the previous high $0.95 and if it doesn’t hold, next support is around $0.5 which is a massive entry opportunity (6:20).
The episode premiered on February 22nd, 2021.