Bitcoin [BTC]: This Signal Means One Thing For Crypto!
Michael Pizzino
Market Update
The current market shows early signs of an alt-coin breakout, but volume is a concern as it continues to decline.
US Dollar
- The US dollar has broken out of its last resistance at 108.
- If the dollar continues to strengthen without an increase in crypto volume, it may put pressure on assets priced in dollars.
- A breakdown beneath 107 could invalidate the thesis of a strong dollar affecting crypto.
S&P 500
- The stock market has seen no gains since November 11th, indicating a lid on the market due to the strong US dollar.
- Lack of trend confluence across multiple timeframes could lead to choppy market action.
- A breakdown beneath the recent bottoms could signal a larger correction in the stock market.
Bitcoin Dominance and Altcoin Market Cap
- Potential macro lower high in Bitcoin dominance, which is positive for altcoins.
- Need to see Bitcoin dominance break beneath 60% and the altcoin market cap remain above $820 billion for further acceleration in altcoins.
Bitcoin
- Macro trends are up, with a potential breakdown beneath $100,000 being a concern.
- Needs to overcome the resistance at $102,500 to test the all-time high.
Altcoins
- Ethereum: Broken above major levels, anticipating higher prices if it holds above $3,600.
- Solana: Showing nice trend confluence, but facing resistance at $220.
- Cardano: Holding above the halfway point, shaping up for more positive price action.
- Sui: Printed a new all-time high, first breakdown of a major low would be worth paying attention to.
- XRP: Holding above its previous cycle top, facing resistance at $2.40.
- Pepe: Broke out above resistance, looking for a re-accumulation to get to the next zone.
- Doge: After a breakdown, now breaking out higher to retest the halfway point.