BITCOIN: Rallying To Resistance and DUMP TO $74k (what i'll do next)

Jason Pizzino

Introduction to Bitcoin and Crypto Market Analysis

The current state of the Bitcoin and crypto market is being analyzed to determine potential future movements. The analysis covers various aspects, including market sentiment, volume, and comparisons with traditional markets like the S&P 500.

Market Sentiment and Potential Movements

  • Fear and Greed Index: The market sentiment is shifting towards greed, indicating potential for a reset.
  • Price Movements: Bitcoin could rally and then dump to resistance levels, but this does not necessarily signify the end of the cycle.
  • Key Levels: Breaks under $70,000 could indicate the cycle is over, but anything above this level, especially if it remains above $78,000, suggests the market remains strong.

Comparison with Traditional Markets

  • S&P 500: The traditional market's trend can influence Bitcoin's movement. A clear trend in the S&P 500 often leads to a strong run in Bitcoin.
  • Backfilling: Traditional markets have backfilled their price ranges post-election, something Bitcoin has not done yet, suggesting potential for Bitcoin to retest lower price ranges.

Volume and Price Ranges

  • Volume Analysis: High volume at price pumps suggests potential for backfilling of price ranges.
  • Key Price Ranges: The range from $80,000 to $93,000 is significant, with $78,000 being a crucial level for maintaining the bull market structure.

USDT Dominance and Crypto Market

  • USDT Dominance: Remaining under a certain diagonal level is bullish for Bitcoin and crypto, while breaking above could signify a bearish trend.
  • Altcoin Market Cap: Excluding Bitcoin, Ethereum, and stable coins, the altcoin market cap has support levels that, if broken, could lead to further downside.

Ethereum (ETH) Analysis

  • Key Levels for ETH: Remaining above $2,700 is crucial for the macro move. A breakdown could lead to further weakness.
  • Potential Rally: ETH could rally up to $3,500, but failure to break above $3,300 could bring on more downside.

Suey (SUE) Analysis

  • Potential Correction: SUE could be putting in a similar pattern to its February and March 2024 movement, suggesting a potential significant drop.
  • Breakdown Levels: First signs of a longer correction would be an overbalance in time and price, with key levels to watch at 440 and 420.

Conclusion

  • The market is in a consolidation phase, with potential for further correction or rally.
  • Key levels and market sentiment will dictate future movements.
  • Long-term bullish outlook, but short-term caution is advised due to potential for further downside before reaching new highs.