Bitcoin (BTCUSD) (3-Day/8-hour Comparison)
After a strong week last week, Bitcoin could be looking at some short-term bearishness.
Having cleared our macro “neutral” zone on the 3-Day chart, the price is stalling right in the resistance red zone in our 8-hour chart. A little “cool-off” period is probably needed for the macro trend reversal to be sustainable.
Even with a solid couple of weeks of gains, much less attention seems to be on Bitcoin than on Ethereum, altcoins, and NFTs at the moment.
Ethereum (ETHUSD) (3-Day/8-hour Comparison)
Ethereum continues to drive upwards with increased demand driven partly from recent NFT mania.
Ethereum is also at a critical resistance level, and we could see some short-term retracement before more upwards price movement. With that being said, we have seen Ethereum drag Bitcoin up through significant resistance levels in the past when BTC is stalling out.
Fundamentals & Correlations(Weekly Candles)
Further evidence of the area of interest can be seen in the Bitcoin Dominance(BTC.D) chart, with a hard retracement as Bitcoin loses market share and Ethereum and several altcoins across the board gain momentum.
The US Dollar Index (DXY) giving signs of a bearish retest of a previous resistance, which could mean we have more upside in store for any assets priced in US Dollars, Crypto included.