Good morning, traders and casual crypto enthusiasts!
Welcome to my short, and a bit time-sensitive, crypto market analysis. In this article, I've gathered some of my thoughts about the current pullback and how I'm planning my moves on BTC, ETH, SOL and HYPE, based purely on technical analysis.
Let's have a look!
Bitcoin
BTC has been range-bound between $120k and $116k levels for about 10 days now. By the time of writing this, we are at $117.7k, which is just below the mid-range. Assuming we continue to range, it looks likely to test the $116.7k level again.
This area (the lower grey zone) is an important zone to watch. If it holds and we get a bounce, it would be a good entry point, especially for alts, in my opinion. If it breaks, the next support I'd be looking at would be the CME gap from July 10th.
Bitcoin Dominance
Here on a daily chart, we can see that, unfortunately, BTC.D has bounced from the support zone I introduced in my previous posts. This is definitely something to keep an eye out for, as BTC.D appears to have broken the resistance near 62.2% and there seems to be considerable upside room.
Ethereum
With the rising BTC dominance and the ranging BTC showing relative weakness, it's no wonder that the recently well-performing ETH is now declining.
Looking at the 4-hour chart here, I'd be looking for support at the grey area, near $3,480, while also watching the RSI to reset.
Breaking the descending trendline would be a good spot to place buys if it's not a fakeout. Wait for a retest.
In the worst-case scenario, we could go down to test the psychologically important $3,000 level.
Solana
Another good performer, SOL, is now looking pretty similar to ETH. It seems to have found support at $180, but it's too early to tell whether it will hold or not. If it doesn't, I'm eyeing the zone below $170 to add more.
HYPE
Hyperliquid's native token, $HYPE, has been in a massive uptrend since the April lows of under $10, while now getting close to touching the trendline again. This is a pretty important level to watch as it determines whether the uptrend is still intact, or if is there going to be a shift in the trend.
Trend is your friend, they say, and before further notice, I'm playing the bullish game with $HYPE.
Conclusion
Is this merely a healthy pullback or a shift to a bearish crypto trend? Too early to say. We need this to play out for a couple of more days to see if bearish structures, lower highs & lower lows, would start forming. Until that happens, I remain bullish and looking to buy dips.
Thank you for reading! What are your thoughts on the crypto market? Drop a comment below! 🟢
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