Same thing. It looks like a shakeout before the ETF decision.

Remember, dips are for buying until proven otherwise.

OTHERS - Zoomed in

If we take a closer look to the altcoins index, this is a perfect S/R flip forming a higher low.

BTC

After bouncing from $65k and reaching the first target of $69k-$70k, now we are seeing a retracement. The $66,500-67,000 zone is support, and it's forming a higher low so far. If this level holds, the high probability move would be a push into the previous ATH, reaching the second target (liquidity zone of $74k-$76k). This is the main scenario.

However, if this zone doesn't hold, then it should retest $65k at least. The ETH ETF decision is going to be decisive.

Let's see what happens.

And there it is.

SEC APPROVES SPOT ETHEREUM ETF

SOL update

After forming a local bottom at htf support, it bounced and broke a resistance level which is being tested now.

Still holding the long from $133s.

Not enough people paying attention to this chart.

If this level holds, you already know what that means.

Some Sunday morning thoughts.

My theory is:

Trump has already gained the initiative in securing voters from the crypto world and will continue with it. Besides accepting campaign donations in cryptocurrencies, openly supporting the crypto industry, and promising to release Ross Ulbricht at the start of his term, he will likely announce significant tax benefits for users.

Now, according to data, 14.4% of American adults own or use cryptocurrencies. However, the percentage of potential voters who are cryptocurrency users increases to 22%. This is a considerable percentage, but let’s not forget that a large part of this number would already vote for Trump before these declarations, and another large part wouldn't vote for Trump even with this new approach. However, the Democrats will sooner or later realize that they have lost this battle to gain voters from this sector, and out of pride, they might decide, instead of trying to win votes from the crypto community, to do the opposite and continue to attack the crypto ecosystem even harder. Let's not forget that the U.S. government holds approximately $15 billion in cryptos, which they will sell sooner or later. First, to raise money and finance their electoral campaign. Second, to try to drive prices down and have more arguments to attack the sector. Third, to prevent leaving those assets to the next president, if there is one.

Therefore, I expect Trump to continue adopting a pro-crypto stance in the coming months, and Biden too in the next few weeks, but eventually Biden should do the opposite and become even more aggressive. This would fit with a scenario where prices keep rising for a few more weeks but then see a significant correction before the elections (probably from July-August to November). Afterwards, it will depend on who is elected. If Trump is elected, 2025 should be a very good year for the market.

Quick Weekly Overview

Today, May 27:

-Memorial Day (stock and bond markets are closed)
-IEEE International Conference on blockchain and Cryptocurrency (ICBC 2024)


Wednesday, May 29:

-Consensus 2024, from May 29-31


Friday, May 31:

-Core PCE


Analysis

Today, the stock market is closed because of Memorial Day. Crypto never closes.

This week is not very interesting events-wise, but we could still see some interesting moves. After the ETF approval, ETH continues to outperform the rest of the market. ETH/BTC is very strong, and many ALTS/BTC appear to be forming a local bottom. If BTC stays above $60k, then we should see altcoins giving very good returns, which was the main plan from weeks ago. Memecoins are leading and other interesting sectors should be: AI, RWA, Ehereum ecosystem, Solana ecosystem.

Some interesting charts:

-OTHERS (Altcoins market cap): https://www.tradingview.com/x/xEEoBIEW/

-OTHERS.D (Altcoins dominance): https://www.tradingview.com/x/rtlQqMAc/

-ETH/USD: https://www.tradingview.com/x/CJC5WYGe/

-SOL/USD: https://www.tradingview.com/x/jJKzYPIT/


Conclusion

ETH and SOL are looking very strong compared to the rest of the market, especially to BTC. Altcoins also look good individually and against Bitcoin, so in my opinion, this is a good scenario for a potential altcoin run.

BTC

Strong rejection after the breakout. This level has to hold.

It looks like another shakeout. Bullish continuation should be next.

Additionally, ETH/BTC keeps showing a lot of strength.

GM

More demand is being added.

ETH - Clean view

Very easy setup here. After destroying the $3,300 resistance level with a breakaway gap, it's now consolidating below the last swing high. Main scenario is bullish continuation towards the ATH.

Invalidation on chart.

BTC update

Market is looking weak on ltf. $67k support probably not going to hold. Next support would be $65ks.