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Good morning, friends ๐
I've done my morning analysis, checked the market, and in the current situation, regarding the market, I can say this:
Bitcoin has broken the descending trendline on both the 4-hour and daily charts and is currently testing its daily retest. It's still holding above the breakout. We're currently stuck around the crucial second resistance level I mentioned yesterday, which is the 64,200 zone. We're lingering here for now.
#BTC has broken the downtrend but it's a bit weak, and at the same time, Tether Dominance seems to have made a retest on the downtrend. These two parameters suggest we should be a bit more cautious in the short term.
DXY retreated as expected, but the recent candle closings hinted at a potential upward movement, meaning DXY could rise slightly, putting some pressure on the market. #altcoins
There's a lot to write, but without drowning in details, let me tell you the conclusion.
Today, there's a weekly close, and the situation with BTC is a bit critical. That's why I've taken some profit in long positions. But I haven't closed all positions. Let's say I've reduced risks.
Monday could see a nice opening. In that case, I'll open new positions with profits.
I don't think it's right to open new positions today. Everything will be clearer on Monday.
