RektCap

#BTC

Two weeks ago, Bitcoin faced a Triple Resistance:

• Weekly Downtrend (red)

• Weekly Horizontal Resistance (blue, $86k)

• 21-Week EMA Resistance (green)

Bitcoin broke them all last week

Bitcoin broke the Triple Resistance

$BTC #Crypto #Bitcoin

#BTC

Bitcoin has just about Weekly Closed above $93500, technically positioning for a reclaim of $93.5k into support

In fact, $BTC is already retesting $93.5k into support this early in the week

Even so, I wouldn't be surprised to see volatility here

#Crypto #Bitcoin

#BTC

A small Weekly CME Gap developed (orange circle) which was promptly retested as support last week to enable the breakout from the black-black range into the mid-$90,000s

$BTC #Crypto #Bitcoin

$ETH Dominance

Ethereum Dominance has registered new All Time Lows

However, Ethereum Dominance is now trying to hold this green area as support going into May

It needs to hold here to position itself to become more market-dominant over the next months

#ETH #Crypto #Ethereum

$VIRTUAL

Virtuals Protocol didn't need a dip at all

It just kept climbing, rallying +135% since breaking the Downtrend

Now VIRTUAL will need to reclaim the black $1.12 level as support to rally to $1.45

Any retests of $1.12 could be volatile

#BTC #Crypto #VirtualsProtocol

#ALTS

Altcoin Market Cap indeed rejected from $425bn (black)

And even though Altcoin Market Cap rejected very strongly...

The retrace is much shallower than the previous 69% and 85% corrections

Important sign that $425bn is weakening as a point of rejection

#BTC #Crypto #Bitcoin

#BTC

Bitcoin has repeated mid-2021 price history with a breakout from its range formed by the two Bull Market EMAs

$BTC #Crypto #Bitcoin

#BTC

Bitcoin is on the cusp of finishing its Downside Deviation

Bitcoin needs a Weekly Close above $93500 and potentially also hold it as support in the future to fully confirm a return to the range

$BTC #Crypto #Bitcoin

#BTC

Bitcoin is in the process of trying to conclude its First Price Discovery Correction period

Granted, the corrective phase lasted longer than has historically been the case

But it didn't change the fact that the correction was an optimal re-accumulation opportunity with a high probability of price reversal to the upside

$BTC #Crypto #Bitcoin

#SUI

SUI has broken its Downtrend, rallying almost +40% since doing so

SUI is now 11th in Market Cap, flipping both $AVAX & $LINK

On the fundamental side of things, Grayscale opened a #SUI trust today, showing institutional growth

#BTC #Crypto

$ETH

Ethereum is enjoying a stronger reaction today, successfully retesting this light blue area as support

Continued stability here is essential to building out a reversal base

#ETH #Crypto #Ethereum

#BTC

The downside deviation is on the cusp of ending

Bitcoin now needs to stabilise above $93500

Ideally, BTC needs a Weekly Close above this level and reclaim it into new support to resynchronise with the former ReAccumulation Range

$BTC #Crypto #Bitcoin

#BTC

Bitcoin is repeating mid-2021 price tendencies fantastically well

$BTC #Crypto #Bitcoin

#BTC

Can Bitcoin do it?

Can Bitcoin break the Daily Downtrend?

Daily Close above the Downtrend followed by a successful post-breakout retest would confirm the breakout

$BTC #Crypto #Bitcoin

#BTC

Bitcoin isn't there yet but...

It would be momentous to Weekly Close above ~$86800 as that would potentially set price up for a repeat of a mid-2021 breakout (light blue circle)

Bitcoin is still ~$2000 away from a bullish Weekly Close however

$BTC #Crypto #Bitcoin

#BTC

The clustering in price action continues in this downside deviation zone

Over time, history suggests Bitcoin will be able to resynchronise with its former ReAccumulation Range and confirm the end of its first Price Discovery Correction

$BTC #Crypto #Bitcoin

#BTC

Bitcoin has successfully retested the red level as support

But price is still rejecting from the Downtrend resistance (blue)

Price is now compressing between the red support and the Downtrend

And price compression precedes volatility

$BTC #Crypto #Bitcoin

#BTC

Bitcoin has successfully retested red as support & the Daily RSI Higher Low continues to maintain itself as well

Growing signs of a maturing Bullish Divergence here, with price just below the key Price Downtrend (blue)

BTC needs to break this Downtrend to enable the Bull Div to play out

$BTC #Crypto #Bitcoin

#BTC

Bitcoin is developing yet another Higher Low on the RSI while forming Lower Lows on the price

Overall, throughout the cycle Bitcoin has formed Bullish Divergences like this on a few occasions already

Each Bull Div preceded reversals to the upside

$BTC #Crypto #Bitcoin

#BTC

Bitcoin couldn't do it

Bitcoin failed to Daily Close above the Downtrend

In fact, price continued to form new Lower Highs in its already extended series of Lower Highs

On the latest rejection, BTC landed into the ~$78500 lows (red)

Continue to hold this level as support and BTC has a chance at challenging the $82500 level in the short term

Generally, BTC needs to Daily Close above red to position itself for a rebound

BTC needs to avoid a Daily Close below red as that would actually position price for a bearish retest seeing as BTC Daily Closed below red yesterday

$BTC #Crypto #Bitcoin