𝐌𝐲 𝐃𝐚𝐢𝐥𝐲 𝐔𝐩𝐝𝐚𝐭𝐞 𝐎𝐧 𝐂𝐫𝐲𝐩𝐭𝐨🏆
Chart 1: BTC closed as a bullish engulfing which is showing a strong bounce so far.
The volume on the OBV is not confirming the move up and the RSI is starting to come up and recover.
BTC has now changed the market structure and we are now in a downtrend, so if we don’t break 87k resistance we will fall to about the 73K support.
Chart 2: USDT Dominance has closed as a bearish candle and has rejected the 5.25% resistance again.
The volume on the OBV is forming a double top and the RSI is extremely overbought and starting to come down.
Chart 3: OTHERS.D has closed as a Doji again and today we should find out if we are finally going to break the downtrend or reject here & go back down to support.
The OBV is starting to show selling pressure coming in and the RSI is still showing bullish divergence.
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 has now closed as a bullish engulfing and is currently retesting the 61.3% resistance once again.
The OBV is supporting the move up and the RSI is looking very bearish still 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.
Don’t forget weekends are very easily manipulated due to lower volume so always believe the price action you’re seeing.
This current move on BTC looks very weak just looking at the OBV so I wouldn’t be surprised if today or Monday we start to fall to the 73K support and bottom out.
So let’s stay patient, remove our emotions and just analyse what we see.
