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Since my previous post, BTC dropped right back down to this triangle. Not exactly what you want to see right after BTC sets a new ATH, but BTC might find some decent support here.
Altcoins on the other hand are not doing very well today. Ethereum is down by another 1% since my previous post.
The overall crypto market cap increased by 0.53% today, which isn't a lot - and Bitcoin's dominance increased by a massive 0.9%. This means that money is flowing out of altcoins and back into Bitcoin.
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https://www.tradingview.com/x/6uaTR6WX/
And here's that breakout - even much sooner than expected. This is looking good.
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https://www.tradingview.com/x/zxkUXA7B/
MATIC pumped 25% last Saturday.
This sounds like a lot, so today's -3% dump in just 30 minutes doesn't seem that bad.
However, MATIC is just one of the many altcoins that is seeing big pumps, followed by dumps that are just as big. MATIC is currently trading at the same level it was already trading at 8 days ago - which is when Bitcoin was trading at 79,000 dollars.
Altcoins might show double-digit gains these days, but they are struggling hard to keep those gains. Most of the bigger altcoins drop right back down.
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https://www.tradingview.com/x/suTqZtoa/
Some altcoins pumped yesterday - and today they are dumping right back down, for example FIL, which is down by almost 11% today.
This is honestly a bit concerning. Altcoins are having an immensively hard time trying to catch up to Bitcoin, despite the occasional big pump. This is normal in the early stage of a bull market but at some point, alts usually catch up. This isn't really the case this time.
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https://www.tradingview.com/x/FbgJktsC/
Meanwhile, altcoins are not looking that amazing. While Bitcoin keeps doing relatively well, altcoins are dropping significantly.
Take MATIC (POL) for example. Today is the 3rd time that it eradicated a slow, sustainable move up within just 2 hours since the Bitcoin post-election rally plateaued.
MATIC is down by an insane -19% since the high it set 3 days ago. Bitcoin is down by 4%.
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https://www.tradingview.com/x/5wgOG90V/
This looks like a breakout. We didn't close the hourly candle yet but so far this is looking really good. Bitcoin just touched the 91,000 dollar level.
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https://www.tradingview.com/x/E86tV190/
CRO has seen a massive pump; +230% in just 8 days.
It overcame the 0.11 and the 0.16 dollar levels and if the 0.16 dollar level turns into support, CRO could continue pumping.
However, the more realistic scenario is a correction towards the 0.11 dollar level. If that happens, I would probably long it; but a long at 0.16 dollars feels a bit too risky.
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https://www.tradingview.com/x/1DwRBRi6/
We're currently seeing the first small correction as BTC is down by 3% over the past few hours hours. This could easily turn into a bigger correction as BTC doesn't have any horizontal support above 74,000 dollars. While I don't think BTC is going to 74,000 dollars, I still think it could hit the 80,000 dollar level again.
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https://www.tradingview.com/x/R171KcRC/
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Observing the altcoin market is very interesting at the moment. Some are up by around 2-4% today while others are actually seeing a small drop. Among the red coins is Ethereum, which is down by only 1%.
An Ethereum correction could send ETH towards 3,000 dollars. I would love to see it go even lower though, as the 2,700 dollar level seems to be a very nice long opportunity. The .618 fib level is located right at that mark, together with potentially strong horizontal support and an EMAR on the daily.
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https://www.tradingview.com/x/xAfBOLeL/
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The 72,000 dollar area rejected Bitcoin 6 times since March. Two days ago, Bitcoin closed a daily candle above that range for the first time ever.
Considering that this resistance is now broken, it could act as support in the future. This makes longing the 72,000 dollar level a very interesting option.
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Ethereum meanwhile is still down by almost 10% overt he past 7 days. This shows just how far behind altcoins are as almost no altcoin is able to keep up with Bitcoin, despite the occasional pump.
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https://www.tradingview.com/x/0i8Eb8p5/
Bitcoin is currently printing an ascending triangle on the hourly, and it looks like it's about to break out.
This might give us a very good idea of the current state of the market - if BTC pumps here, it would signal a strong bull market. If it doesn't and just keeps on going sideways, it would signal an indecisive market, at least in the short-term.
I personally feel like the latter could be the more likely option here, given the sideways trading action over the past few days.
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https://www.tradingview.com/x/naIMrLWl/
Bitcoin spent the entire weekend trading sideways - until Sunday night, when it dropped a little bit. After diving just below 89,000 dollars, it is now back at 91,600 dollars.
I don't really like to see Bitcoin trade sideways during the weekend. It seems like it's once again just waiting for the traditional finance markets to continue operating, which isn't how it should be - I would prefer to see Bitcoin make some moves independently.
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https://www.tradingview.com/x/B3qrILlb/
Solana broke out of a bullish pennant on the 4h and it looks like longing a retest could be fairly simple. I didn't set any order yet and my exact entry depends on the way SOL approaches this area, but I'm thinking something along the lines of this.
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https://www.tradingview.com/x/DvmWKF7T/
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Bitcoin is forming an ascending triangle at the moment. This is a good sign but I would neither be surprised if BTC dumps out of it instead. If we get a drop, BTC could easily fall back down to around 82,000 dollars.
The reason why I'm not only bullish is because BTC has seemingly ran out of steam. This is normal after such a big pump, and so is a potential correction. However, as long as BTC doesn't drop below 86,400 dollars, I'm still bullish in the short-term (and bullish in the mid-term even if we get a correction down to 82,000 dollars).
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https://www.tradingview.com/x/XZaAOC2a/
This small correction has turned into a bloodbath in the altcoin market. MATIC (or POL nowadays) eradicated 30 hours of growth within just 4 hours as it's down by almost 13%.
So far, this is an acceptable correction. It is happening very fast, which shows that altseason is still not here yet; If a 3-4% BTC correction is enough to shred alts, then there is not enough confidence.
What we need now is some sideways trading, on Bitcoin and altcoins, in order to establish some new support levels.
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https://www.tradingview.com/x/CtXLQA0v/
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What do the 82,000, the 83,000, the 84,000, the 85,000, the 86,000 and the 87,000 dollar mark all have in common?
They all were hit for the first time today.
90,0000 doesn't seem impossible to hit even much sooner than expected.
Bitcoin is up 30% over the past 7 days, or 20,000 dollars.
This is insane. It's difficult not to let greed cloud your judgement, but it's absolutely vital to stay sharp, even in this market.
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https://www.tradingview.com/x/bjnB7vmO/
Bitcoin continues to climb. At a slower rate, but it's still an increase in price.
What is however much more important is the fact that BTC isn't just dropping right back down. We don't necessarily need it to pump right to 100,000 dollars within a week - the fact that it is not dumping right back below 70,000 dollars is a very good sign.
This doesn't mean that a small correction would be bad. In fact, BTC is currently printing an ascending triangle which could result in a small correction.
But I don't expect that to take BTC back below 70,000 dollars. Instead, this potential correction could offer up some very beautiful long plays on altcoins.
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https://www.tradingview.com/x/xazo5Ezn/
Today, Bitcoin hit 80,000 dollars for the first time ever - a historic day.
The first time it hit 70,000 dollars was on the 8th of March 2024 and on the 13th of March 2021, it hit 60,000 dollars for the first time.
We might not have to wait that long to see the 90,000 dollar mark.
https://www.tradingview.com/x/dS1Rcgob/
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DOGE is looking very interesting against Bitcoin as it's about to break out of a 3.5-year downtrend. Being the biggest and most well-known memecoin, DOGE could lead the next memecoin pump.
Definitely worth keeping an eye on DOGE over the next few weeks.
https://www.tradingview.com/x/TitWtloM/
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MATIC's 0.36 dollar level is looking interesting. After acting as strong resistance multiple times, this area could soon act as support.
Before setting any long orders, I'll have to see a good daily close above this resistance.
https://www.tradingview.com/x/6MhJlIwv/
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