Bitcoin Technical Analysis 16/05/24: Momentum and Market Dynamics Driving Consolidation

Bitcoin experienced momentum and local volatility overnight, leading to consolidation in the $65k – $66k range. If the price maintains this level over the next few days, we anticipate continued growth towards the main slope resistance at approximately $70k – $71k.

While a small correction is plausible, it should remain above the crucial support level around $63,500 to sustain bullish momentum.

Regarding BTC Dominance, caution is warranted. Prolonged presence of the oscillator above the ~55% level signals a delay in altseason. External liquidity flows remain subdued, with Bitcoin showing reluctance to redistribute funds from recent highs above $65k to altcoins. The Dominance chart depicts an infinite extension for the “fifth” impulse wave within its structure, indicating further dominance by Bitcoin in the near term.

Traders should closely monitor Bitcoin price action and Dominance levels to adjust their trading strategies accordingly.

This analysis underscores the importance of considering both technical indicators and broader market dynamics when making informed trading decisions.

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