The big day has come. Less than a day until the US elections. Bitcoin has managed to break the descending broadening wedge it has been moving in for 6-7 months. The diagonal resistance that forms the wedge has served as support for the past two weeks, and Bitcoin has been closing above this area weekly. We can say that Bitcoin has come a long way since the summer months. Bitcoin, which has risen again from $49,000 to $73,000, is also allowing BTC.D (Bitcoin dominance) to rise in this process. We are going through a process where Bitcoin needs to hold at $65,000.

Bitcoin dominance does not look good for altcoins

Bitcoin dominance managed to break through the yellow major resistance zone, which it had not broken through between April and October 2024, and this is not very good news for the altcoin market in the short term. We can say that Bitcoin will have more room to dominate the market during this period. The yellow zone covers the 57-58% range, which will serve as a new potential support zone. The green zone covers the 61-63% range, which is the major resistance zone. We see that BTC.D has entered the overbought zone in the weekly time frame, and we can think that it is close to reaching saturation, at least in the short term. The rise of Bitcoin dominance while Bitcoin rises will make altcoin investors happy in the medium term. The important point here will be that Bitcoin remains strong and continues to rise.

ETH showed that it is not ready

Ether, which disappointed its investors and cryptocurrency followers, showed that it is not ready for the expected breakout again. We see that Ether is selling again while approaching the green major resistance zone. The ETH/BTC parity entered the oversold pot after a very long time. ETH/BTC last entered the oversold pot in October 2023. We can say that Ether’s weakness has now reached the limit.

Total Market Cap is stuck: A big move awaits the market very soon

Total Market Cap is stuck between critical areas. The white diagonal trend was tested again as resistance last week and could not be passed again. While this is happening, it should not be forgotten that Total Market Cap is also close to the green major support area. The outlook shows us that a big move awaits the cryptocurrency market very soon. The US presidential elections will probably also have an impact. Donald Trump has become a true “cryptocurrency friend”. Kamala Harris also said that they will not undermine the sector. In any case, electing Donald Trump is a much more reasonable option for cryptocurrency investors.

The cryptocurrency market will relax considerably when the $2.45 trillion region is passed. We should definitely continue to hold above $2 trillion in the near future.

Altcoin Market Cap channel could not be broken

Altcoin Market Cap summarizes the current situation of the altcoin market very clearly. We are in a better position in Total Market Cap 3 where Ether is disabled, but in Altcoin Market Cap where Ether is included, the pink channel could not be broken, and the pink minor resistance zone could not be passed. It has not yet managed to settle on these two zones. The altcoin market continues to price uncertainties, and especially Ether’s weakness continues. Some altcoins are in a much better position compared to Ether. We can give BNB, SOL and TRX as examples. Some relatively new altcoins such as ARKM and SUI are also showing strong performances. There are things that need to be proven for the altseason to come. There should be no rush to take new positions in products that have lost critical support zones, and weekly closings should definitely be taken into consideration.

ARKM above $1.35 is enough for now
What is the state of the altcoin market?

ARKM has managed to break the yellow channel in which it has been fluctuating for a very long time upwards. ARKM, one of the strong products of the altcoin market, has not yet been able to pass the turquoise major resistance zone covering the $1.6 – $1.8 range. The altcoin market also needs to relax a little in order to pass this zone. It will be enough for now for ARKM to remain above the $1.30 – $1.35 range.

The general look for ARB is not positive

Arbitrum is one of the projects that Turkish investors follow closely. We see that ARB had a very weak weekly close last week. It was the first time in the two-week period that a close came below the red zone. It is not possible to say that the current outlook is positive.

PEPE finally reaches diagonal support

PEPE continues to stay strong when possible. In the past weeks, when PEPE was testing the cream resistance zone, it didn’t seem logical to make new moves. We see PEPE finally reaching diagonal support. This area seems like a much more reasonable area for PEPE lovers. It should be noted that if PEPE breaks the 0.00000790 level, the decline may continue.

DOGE continues to look strong

Dogecoin continues to stay strong. While the altcoin market is in a very bad state, it can be said that DOGE has experienced a positive separation due to the Elon Musk effect. The purple zone was tested last week and was rejected from this zone. It is of course very natural for DOGE to be rejected from the purple zone. Despite this, it is seen that it has taken a new step upwards in the new week. In the current process, we want DOGE to hold above the 0.14 level.

AAVE’s test

AAVE had settled above the pink zone in recent months. We had talked about the pink zone, which covers the $114-$137 range, becoming a new major support zone. AAVE is giving this exact test this week. The pink zone is being tested with the hope that it will become a major support this time. When AAVE is above the pink zone, we can say that the pink zone is “cheap”. If the pink zone is broken, we will reach an environment where the pink zone is “expensive”. A critical test.