Crypto Market Weekly Analysis: BTC, ETH, SOL, BNB, BTC dominance

11 Jul

Welcome to our weekly analysis of the cryptocurrency space.

█ BTC/USDT

The BTCUSDT chart shows Bitcoin trading within a descending channel, with recent price action bouncing off the lower boundary of this channel, indicating potential support around the $53,000 level. The RSI indicates bullish divergence, suggesting a possible trend reversal or a strong bounce from this support level. Additionally, the Volume Profile on the right shows significant trading activity between $68,000 and $60,000, indicating key resistance levels above.



█ BTC.D

The Bitcoin dominance chart shows Bitcoin dominance forming a rising wedge pattern, which typically indicates a potential bearish reversal. The RSI is exhibiting a bearish divergence, suggesting weakening momentum and a possible decline in dominance. A breakdown from the wedge could target a significant decrease, aligning with the projected target area shown on the chart.



█ ETH/USDT

The ETHUSDT chart shows Ethereum trading within a descending channel, with recent price action rebounding off the lower boundary, suggesting potential support around the $1,850 level. The RSI is showing signs of a potential bullish divergence, indicating a possible trend reversal or a strong bounce from this support. The Volume Profile indicates significant trading activity between $3,200 and $3,600, suggesting key resistance levels above.



█ ETH/BTC

The ETH/BTC chart suggests upward action for the RSI and bullish patterns with a primary target of 0.06178 BTC and a secondary target at 0.06861 BTC. This follows the Bitcoin dominance bearish sentiment meaning more capital would flow into altcoins and Ethereum being their catalyst.



█ NASDAQ

Bitcoin has often been correlated to stocks, not that it's a good thing, however since Bitcoin's ATH in march we've seen stocks keep rising while Bitcoin ranging with around 30% downside from ATH. Nasdaq is at ATH right now and Bitcoin is not. The RSI suggests that stocks are overbought but not indicating a divergence yet.



█ BNB/USDT

The Binance coin is currently down 28% from its ATH after bouncing up +10% from its middle point of 450 $. I'm still bullish as long as the shift to altcoins scenario continues and RSI remains in the bullish area above 50.



█ SOL/USDT

Solana shows a bullish wedge and multiple bottoms of its 3 months support at 127 $. RSI is printing a bullish divergence. My primary target is 189 $ and 2nd is 210 $.




█ GAMING coins

EGLD has been outperforming Bitcoin and is the top performing gaming coin of the week.



█ Top cap coins

The biggest coins in market cap compared to Bitcoin shows Solana in first and AVAX in second.



█ AI coins

Artificial Intelligence coins compared to Bitcoin: INJ arrives first and NEAR second, but the global AI space isn't performing remarkably well.



█ MEME coins

Ending this analysis with meme coins, we can't ignore the fact that BONK is hard outperforming Bitcoin in first position.



Thanks for reading until here, I hope I can catch the time to make another analysis next week.