𝐌𝐲 𝐃𝐚𝐢𝐥𝐲 𝐔𝐩𝐝𝐚𝐭𝐞 𝐎𝐧 𝐂𝐫𝐲𝐩𝐭𝐨🏆
Chart 1: BTC closed as a Doji and right now has formed a massive bearish engulfing and we may continue to go down to the next level of support at 73K which is the 618 fibs.
The volume on the OBV is confirming the move, down with a lot of selling pressure and the RSI has now reset to 20 which is extremely oversold (the last time we were at 20 was August 2023!).
BTC has now changed the market structure and we are now in a downtrend as I said yesterday the only bullish scenario was this is just a retracement for the next leg up but we must now bounce at 79K which is where we are or 73K.
Chart 2: USDT Dominance has continued to break to the upside and closed as a Doji and currently printing a huge bullish engulfing once again but we have run into a strong level of resistance.
The volume on the OBV has supported the move up but is showing bearish divergence and the RSI is extremely overbought at 80 (the last time we were at 80 was the last top of USDT.D).
Chart 3: OTHERS.D has closed as a Doji and now we are either going to finally break the downtrend or reject here & go back down to support.
The OBV is still showing a lot of strength with bullish divergence and the RSI is also showing bullish divergence and looking really strong at this support now we must break that downtrend.
But remember for us to be bullish on Alts we must break the 9.18% resistance break through the downtrend line, 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.D which is BTC dominant keeps falling and formed that double top and we are looking very weak here so let’s see if we break that uptrend.
The OBV is showing massive selling pressure and the RSI is looking very bearish as well with a lot of bearish divergence.
Like I have said multiple times I wouldn’t recommend buying any alts until BTC.D breaks the uptrend line & creates bearish MS and OTHERS.D breaks its downtrend line but it does look like this could happen very soon.
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 and starts to plummet like it’s starting to now.
Has anyone noticed I have never moved my levels of support and magically price has hit them this is why learning technical analysis is a very important skill to learn!
We may even get a bounce at 77K to fill that CME gap we have as well.
We are getting closer & closer to a HUGE reversal in my opinion just looking at everything that is happening with the data I am seeing on the charts.
There is also a possibility that Trump is getting the market makers to dump the price so they can buy the BTC Reserve at that 73K level but nobody knows.
So let’s stay patient, remove our emotions and just analyse what we see.
#BinanceAlphaAlert btc #Cryptocurrency: #trading #dailyanalysis #technicalanalysis #cryptoeducation #usdollar
