📉🗯🎀 A Quick Look At The Crypto Market - 21/05/25
Hey Friends‼️
We might be in for a historical day in crypto as Bitcoin is pushing for the ATH. Meanwhile, ETH has found strength again, BTC dominance is down again & more!
🔹️BTC
In yesterday’s analysis, I noticed that BTC created a long-wicked candle, hinting at further upside movement. The $106.5k resistance level was then broken, and on the hourly time frame, it seems BTC has now turned this level into support.
On a daily TF, the long-wicked candle was followed by an engulfing candle which closed above resistance. Today, the positive action continues as BTC is getting very close to its all-time high. So all eyes are on that today.
🌟 BTC Dominance
As I predicted, Bitcoin’s dominance did bounce up from the green area, giving alts some short-term hardship. However, even with BTC’s rise today, BTC.D is coming down to test support again. I hope to see it come down to at least 63.4%, and if ETH keeps up, hopefully, we will see even lower levels.
✨️ ETH
Yesterday, ETH was testing the ~$2,600 area, and I was hoping to see it break the resistance. Instead, we took a little downturn, which ended up in ETH creating a higher low(good thing!) and is now testing the resistance again.
ETH:$2,592.76 above $2,650 would create a higher high, indicating possible further upside movement.
Most of us obviously want to know when altcoin will run, if they’ll run.
The ETHBTC chart shows whether ETH is outperforming BTC or the other way around. ETH outperforming should hint at a potential alt rally. Alts have been struggling lately, and as you can see in the chart below, ETHBTC has been in a downtrend for a while as BTC has been dominating.
Interestingly enough, even though Bitcoin is going for its ATH, ETH seems to have woken up and is currently outperforming BTC. In this chart, we can see some early signs of the diagonal trendline breaking, although I’d wait for ETHBTC breaking the horizontal (green) area so we’d get a higher high as a confirmation of the trend shift.
