Chart 1: Bitcoin Analysis (BTC)
Closed as a bull hammer, we have closed above the downtrend line for 10 days in a row and currently, we have broken the 86.4k resistance.
The volume on the OBV continues to increase in buying pressure with bullish divergence and so is the RSI.
Based on market structure, BTC is in a downtrend, but that will change once it creates a confirmed HL followed by an HH and remains outside the daily downtrend line.
Chart 2: USDT Dominance (USDT.D)
Closed as a Doji which failed to break the 5.54% resistance again and the price has closed below the uptrend line for 10 days.
The OBV is continuing to show an increase of selling pressure with bearish divergence and the RSI is still showing bearish divergence off the last 4 highs.
Chart 3: Altcoin Market (OTHERS.D)
Closed as a Doji and possibly we have formed a double bottom like on BTC which is a reversal pattern.
The volume on the OBV is in convergence and the RSI is showing bullish divergence with an HL which usually signals a reversal coming soon.
But remember for us to be bullish on Alts we must break the 8.26% resistance and create an HL and then HH backed by volume until then don’t touch Alts unless you’re happy taking the risk before confirmation.
Chart 4: BTC Dominance (BTC.D)
Closed as a bull hammer but it still looks like there is more liquidity to grab from that previous wick at 64.44% so we will have to wait & see.
The OBV is still showing weakness with bearish divergence double top and the RSI is also showing bearish divergence.
As I’ve said before, I wouldn’t recommend buying alts until:
✅ BTC.D breaks the uptrend line & forms bearish market structure (which may happen over this month)
✅ OTHERS.D creates bullish market structure with volume backing it
I personally don’t believe this is the end of the bull run and there will be an Alt season once BTC.D breaks its uptrend.
We are now in the full moon phase I have been talking about which usually causes prices to reverse and go up so let’s see how the next 6 days go.
I am going to make a bold prediction and say here comes “Alt season” because BTC.D looks like it’s going to have a blow off top, USDT.D has broken its uptrend line and OTHERS.D is looking ready to run.
I don’t believe this current pump we are seeing in BTC is real as it’s not backed by volume so to me it’s a liquidity grab and we will dump back down over the next few days.
Patience is key: stay objective, control emotions, and trade the charts, not the hype.
See you all again tomorrow!