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- Dgenz Crypto Weekly 019
Dgenz Crypto Weekly 019
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
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The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
At the Bitcoin Conference in Nashville in July, Donald Trump pledged to create a strategic national Bitcoin reserve. And, on March 2nd, Trump posted that the reserve will also now include $ETH, $XRP, $SOL & $ADA alongside $BTC. Following Trump's initial announcement, the price of $ADA soared by more than 63% within 2hrs after the president's post, while $SOL increased by 23% and $XRP by 32%. However, that whole move was quickly retraced back down even further within 24hrs. The working group will host a summit on Friday with crypto industry and government representatives where one of the potential announcements is a proposal to eliminate capital gains taxes on crypto. In other market news, on Monday the Nasdaq triggered a major bearish reversal pattern known as a double top, thus putting Bitcoin’s 200-day simple moving average support at risk. The 200-day SMA is commonly regarded as a key indicator for long-term trends, with price declines below this level often interpreted as a signal of potential significant losses ahead. We have now also retested the neckline of the double top pattern on Bitcoin as well and are currently sitting on the trendline. If by any chance we go back up to $92k, potentially today due to the increasing Bitcoin dominance, then this would be a solid spot to short Bitcoin on its way down towards $73k, however with how news driven the market has been recently there is always the risk of something sending the market into a frenzy on Friday during the crypto summit.
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Crypto Insights: Weekly Charts
Bitcoin Dominance
Looking at the 4HR chart on $BTC.D we can see that it is currently heading back towards our major level of resistance at about 62%. And if you were to look at the daily chart, we can see that we put in a huge deviation move underneath the range low support at 60.62%, which is why Bitcoin got its run from $85k up to $95k on Sunday following Trumps post about the Bitcoin Reserve. Looking further ahead, we should see $BTC.D reject again from the red box and eventually come back to test the SR at 60.62% which should give alts a chance to recover.
The BTC.D chart shows Bitcoin’s market dominance, revealing its share of the total crypto market cap and helping investors understand capital flow trends and overall confidence in Bitcoin versus altcoins.
USDT Dominance
If we now look at the $USDT.D weekly chart you can see that last week we had a huge liquidity sweep above the monthly/weekly trendline that started back in 2019. Now, this is a key level that we need to break back below and reject from to see the bull market continue, on the other hand if we see a close above and come back to retest it and confirm it as a support then we are back to a bear market.
The USDT.D chart shows the market dominance of Tether (USDT), indicating the proportion of crypto market value held in Tether and reflecting investor sentiment towards risk, as higher dominance often signals a move towards stability.
Others Dominance
Last week we had another retest of our weekly trendline that formed back in 2017, and similar to the $USDT.D trendline this another key level to watch, except in this situation it’s the inverse, we need to continue to hold this level as a support to see the bull market continue and a break below would result in a free fall from 8% down to 6% and signify the beginning of a bear market.
The OTHERS.D chart highlights the market share of altcoins outside the top 10 by market cap, giving investors insight into capital flow and interest in the broader crypto market.
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Spotlight: Token of the Week
$ADA
With the recent news of Cardano potentially being included in the U.S Bitcoin Reserve it is the only coin that was mentioned to still be holding strong. If we happen to get a pull back before Friday then look to enter in on the black lines marked out on the chart and take profits on the way up at the levels of resistance marked out for you in green.
This is not financial advice. Please conduct your own research and trade responsibly.
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