We continue with the bullish market movement after a start of the week with a notable drop in volatility, which left us with a sideways movement during the first half of the week, to reactivate in the last few days and generate another generalized bullish momentum from which $BTC has emerged stronger, as we can see in the BTC dominance chart which continues with its bullish movement, although it is approaching the first short-term resistance marked at 45%.
This rise in dominance comes in a week in which $BTC closes +10% higher, breaking the $22k resistance and approaching the area of major technical importance, the $25k resistance.
This resistance is the area of the high that was generated after the bearish break of the support at $28k and can generate rejections if the buying volume is not strong enough when the price reaches that area. But for the moment, the inertia continues to be bullish, so we will have to keep watching to see where this high takes us and if we can start talking about a possible change of trend. In the event that we see weakness in the upward movement, the areas that can act as short-term support are $22k-$21.8k or even the $18.5k if the rebound expands. If on the other hand, a break of resistance occurs, the next area to watch would be $28k.
Regarding the rest of the market this week highlights the performance of $HTR, the Hathor token accumulated +50% weekly, but still remains below the $0.10 resistance as we can see in its chart.
This momentum of the last few days in the price of $HTR has managed to double its price since the start of the year, but which still remains well below its ATH at $2.40.
Another token I would like to highlight this week is $FXS which after breaking the resistance zone during last week, has generated another +20% momentum thus confirming a Triple Floor formation.
This formation has already reached 60% of its target set at $13, setting its weekly high at $11.50. This move could continue in search of the total target, although it is starting to show some sign of weakness in the short term that may slow down the upward movement. One way or the other, this formation may be the foreshadowing of a possible long-term trend change.
The last token I would like to comment on this week is $FET the FETCH.IA token, which has generated a +18% weekly gain, reaching triple in price since the start of the year.
Despite being one of the tokens that has increased the most during the 22 days so far this month, it is the first to begin to show signs of weakness in the resistance zone, which as we could see in the chart coincides with the support zone of the beginning of 2022, so it is an area that accumulates a lot of influx of orders.
These signs of weakness do not mean that the price is going to stop for sure at the resistance, but they warn us that there is a decrease in trading volume and that some slight rejection may occur as long as the volume does not increase.
Finally, remember that nothing discussed in our articles can be considered as investment advice, everyone must do their own analysis and develop their own trading strategy, from the Belobaba team we only show our analysis and investment tools and how they help us in our operations when making decisions.