BTC Dominance Showing Weakness
BTC.D (1D)
*BTC dominance was chosen to review due to a high level of manipulation and erratic price movements in crypto*
ALT SEASON?! well, no, now just hold your horses.. and probably your pants. USDT.D is showing strength at the same time (chart will follow)
Price Chart
Firstly and most notably is the recent break of the midpoint (Red Solid) of the double top that also made a lower high; this was also confirmed by the OBV making a similar move. Both OBV and the price chart are showing the beginning of a bounce right on the major trend line (Yellow Solid) while RSI has confirmed the move lower by making a lower high and lower low, as well as, trading below the 50 line; RSI also looks to be trading in a wedge.
What Seems Legit?
Well now don't we just have more mixed signals than the date you took bar hopping during Fleet Week your friend's girlfriend's best friend's neighbor set you up with. Bro git 2 it, duz the beer muny go to BTC or wat? We're saving the beer money for beer, if that answers anything.
Most likely we get a retest of the midpoint, which should align with the OBV and RSI resistance and trend lines respectively. RSI is in a wedge so it's possible it breaks out, but it also needs move past the 50 level to see upward momentum continue. More often than not in crypto, when a midpoint on the OBV gets snapped that's a good indicator of a change in direction; There is another support zone (Green Box) on the OBV that needs to break to confirm this. Coupled with weakness in RSI and other factors such as, boomers aren't buying Bitcoin, Gen Z doesn't have money to buy Bitcoin (staggeringly high amount live pay check to pay check), consumer debt levels are moving through the roof (while interest rates are nice and high), etc.
Chart Key
Yellow Solid = Major Trend Line
Yellow Dotted = Minor Trend Line
Red Solid = Major Support / Resistance
Teal Solid = RSI Falling Wedge
Green Boxes = Supports / Target Areas
*BTC dominance was chosen to review due to a high level of manipulation and erratic price movements in crypto*
ALT SEASON?! well, no, now just hold your horses.. and probably your pants. USDT.D is showing strength at the same time (chart will follow)
Price Chart
Firstly and most notably is the recent break of the midpoint (Red Solid) of the double top that also made a lower high; this was also confirmed by the OBV making a similar move. Both OBV and the price chart are showing the beginning of a bounce right on the major trend line (Yellow Solid) while RSI has confirmed the move lower by making a lower high and lower low, as well as, trading below the 50 line; RSI also looks to be trading in a wedge.
What Seems Legit?
Well now don't we just have more mixed signals than the date you took bar hopping during Fleet Week your friend's girlfriend's best friend's neighbor set you up with. Bro git 2 it, duz the beer muny go to BTC or wat? We're saving the beer money for beer, if that answers anything.
Most likely we get a retest of the midpoint, which should align with the OBV and RSI resistance and trend lines respectively. RSI is in a wedge so it's possible it breaks out, but it also needs move past the 50 level to see upward momentum continue. More often than not in crypto, when a midpoint on the OBV gets snapped that's a good indicator of a change in direction; There is another support zone (Green Box) on the OBV that needs to break to confirm this. Coupled with weakness in RSI and other factors such as, boomers aren't buying Bitcoin, Gen Z doesn't have money to buy Bitcoin (staggeringly high amount live pay check to pay check), consumer debt levels are moving through the roof (while interest rates are nice and high), etc.
Chart Key
Yellow Solid = Major Trend Line
Yellow Dotted = Minor Trend Line
Red Solid = Major Support / Resistance
Teal Solid = RSI Falling Wedge
Green Boxes = Supports / Target Areas