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

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 second is $210.