WTF on Friday Markets, 22.12
Finally, rotation to ETH?
Disclaimer: Technical analysis is a way of analyzing the financial market based on statistical patterns. Drawing lines on the chart itself does not predict price movements, but only helps the analyst to visualize the results of different types of analysis (macroeconomical, fundamental, technical, etc.). The analysis is not a financial recommendation, although it can be used to make trading decisions. Current analysis may become irrelevant if market conditions change dramatically. Good analysis does not always lead to good trading decisions, and vice versa.
Macro
There are only a few weeks left before ETF approval. The price of $BTC is in no hurry to go up, ignoring the updates about funds consultation with the SEC about this and that in ETF application filings. That means, that basically everyone expects approval. So, the actual approval news is likely priced in.
Recently, several Twitter influencers, led by Arthur Hayes, announced rotations from SOL to ETH, which was a trigger for the Ethereum-related altcoins to rise.
BTC
$BTC held 40k and is now trading in the 40–44k range, which it may exit above in a few hours. The next few weeks are likely to be highly volatile and will be determined solely by the news context rather than the previous market structure. Setups can be found at the extremes of current or global ranges. Shorting the biggest event in several years is equal to suicide.
ETH
Although the direction of the entire cryptocurrency market will be determined by the behavior of Bitcoin, $ETH is still not as burdened by the influence of the news background, as the $BTC.
Although the ETH/BTC pair is still in a never-ending downtrend, now a proper setup is forming to break this structure. $OP and $ARB have pumped already.
DOGE
The launch of Doge-1 has been postponed, but news of this has not broken the upward market structure. Now a good setup is forming for the asset to break through the key resistance. If sentiment favors it, a strong exit up is possible.
