BTC Support Sequence Tested Amidst Dollar Weakness

Bitcoin (BTC) is currently testing its next support sequence, according to a recent analysis by an expert. The price of BTC has lost its first support fan and is now approaching the Fast line at $76,706, which needs to hold as support. However, the OBV cross below its white MA line is technically bearish, but the strong angle of the MA line suggests that more weakness would be needed to turn it down.

The ALT breadth remains strong but stretched, indicating that a pullback is due. The RSI has been overbought since Saturday and the price is extended from its Fast line. Despite this, the dominance chart for ALT (OTHERS.D) remains strong bullish, although market share can be distinct from spot price.

The TOTALE50 market cap has confirmed a daily Breakout, with TOTALE100 remaining strong bullish on the daily and its OBV moving higher. In contrast, the DXY (Dollar Index) has confirmed a close below TBO Support, indicating a strong bearish trend. The falling dollar is helping EURUSD move slightly higher.

The USDJPY is falling, with the next low that needs to be taken out at 152.092. Oil prices have risen due to Middle East tensions, but the RSI has now logged five confirmed overbought days, making a correction overdue.