#BTC
Looks like we made it, the spot ETF approval looks inevtiable bringing with it trillions in invetstment as Bitcoin is going mainstream.
Market cap has pumped to $665bn and dominance topped out at 53%, in terms of a dominance cycle that is bad news for ALTs - once dominance starts to reverse if we continue to see BTC price growth (extremely likely remember we are still in the buy the rumour part of the ETF announcement) then we should get an ALT season.
Those who have been following the analysis for a while will know that my personal long target for this move was just filled - the bottom of an old CME gap that has gone unfilled since May '22 so that was pretty cool however, we still should see the top of this CME gap hit at $35.9k but lets also look at some new targets and significant price points.
In terms of support we are stacked with unfilled buy orders between $27.8k and $24.8k.
Resistance was found at $35k suggesting the psychological barriers are in play, so $35k and $40k, and beyond that there are sell orders paked between $44k and $48.2k. After that its a straight run to the all time high and the 2024 halving.
Throwing a fib on the chart from ATH to the 'bottom' of the recent cycle confirms these levels with the top of the CME gap lining up with the 382 and the top of the ban of sell orders aligning with the 618.
We've had a few false dawns this year but after a brutal 2 years I think we can finally start to feel positive!
Looks like we made it, the spot ETF approval looks inevtiable bringing with it trillions in invetstment as Bitcoin is going mainstream.
Market cap has pumped to $665bn and dominance topped out at 53%, in terms of a dominance cycle that is bad news for ALTs - once dominance starts to reverse if we continue to see BTC price growth (extremely likely remember we are still in the buy the rumour part of the ETF announcement) then we should get an ALT season.
Those who have been following the analysis for a while will know that my personal long target for this move was just filled - the bottom of an old CME gap that has gone unfilled since May '22 so that was pretty cool however, we still should see the top of this CME gap hit at $35.9k but lets also look at some new targets and significant price points.
In terms of support we are stacked with unfilled buy orders between $27.8k and $24.8k.
Resistance was found at $35k suggesting the psychological barriers are in play, so $35k and $40k, and beyond that there are sell orders paked between $44k and $48.2k. After that its a straight run to the all time high and the 2024 halving.
Throwing a fib on the chart from ATH to the 'bottom' of the recent cycle confirms these levels with the top of the CME gap lining up with the 382 and the top of the ban of sell orders aligning with the 618.
We've had a few false dawns this year but after a brutal 2 years I think we can finally start to feel positive!