Happy Bitcoin Pizza Day!

Ironically, Bitcoin made a new all-time high just before the infamous pizza day. For those who don’t know the story and why we celebrate, it was an interesting case a long time ago when a dude bought a couple of pepperoni pizzas for 10,000 BTC (or something like that). Nevertheless, we’ve come a long way from those days, and indeed, BTC has now recorded a fresh, new ATH of $111,544, so let’s start our analysis with the King.

BTC

In my yesterday’s analysis, I was expecting more upside for BTC even though I wasn’t sure the ATH was gonna break on that same day. Actually, I was hoping for some more consolidation just below the ATH to gather strength and make the future surge more sustainable. Also, this scenario would have been better for the alts as well.

But here we are, and by the time of writing this, BTC has started to pull back a bit. Volume is down, and Stoch RSI is showing overbought on the 4h chart.

The crypto market RSI heat map also puts BTC on top of the overbought section on the daily chart.

Still, macro looks good, whales are apparently accumulating and no major FUD in sight that I’ve heard of. Also, since Bitcoin has now entered the price discovery zone, there are no more horizontal reference points, which pretty much leaves us with tools such as volume & RSIs.

BTC Dominance

Instead of just watching the BTC fireworks, we can shift focus to things affecting altcoins. One of the most important charts is, of course, the BTC Dominance.

For a week now, BTC.D has been going up level after level, creating higher highs and higher lows. This means that until we see a break in this uptrending structure, altcoins will not rally as much as they could. In addition, the higher the BTC.D goes, the more pain alts will suffer if Bitcoin comes tumbling down.

ETHBTC

Another piece of the puzzle that is affecting alts is the performance of ETH.

Even though ETH price is currently outperforming BTC by 1.8%, it keeps hitting this diagonal descending trendline. Here are two 4h charts, the first one is from my yesterday’s analysis in which I drew the green zone that ETH needs to claim.

In the second one, today’s ETHBTC chart, we can see that ETH bounced from the trendline but is now retesting it again.

TOTAL3

Even though BTC dominance is still rising and ETH is struggling, on the more positive side, we can see other altcoins waking up and breaking the descending trend.

TOTAL3, which shows the total crypto market value excluding BTC, ETH and stablecoins, is on the move, creating higher highs and higher lows.

However, I’m still cautious on adding to altoins at this point. I’d rather keep an eye on Bitcoin and hope for the best-case scenario where Bitcoin would start going sideways and let alts pump for a while.

That’s all for today, thanks for reading, and if you like these short analyses and don’t wanna miss them, let me know if I can tag you in future issues! 👍

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