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.