Bitcoin remains sideways below $48,000 resistance, but the lack of a pullback could be telling.
We’re also seeing Ethereum break out from some intraday consolidation, but that area just above $3,400 remains critical.
However, today I want to focus on DOGE, which could be getting close to one of its parabolic moves, especially if we see a bullish April for cryptos.
I also provide updates on our USDT.D (Tether dominance) chart and SOL.
Tether Dominance (USDT.D)
Tether dominance continues to churn above that 3.8% support area I’ve discussed for the last few days. That area extends down to 3.7%.
I’m still waiting to see if we get a retest of channel resistance before entertaining longs. Remember that USDT.D is inversely correlated to BTC.
We’ll see if we get it. But even if we don’t, I think trying to long BTC, ETH, etc. while USDT.D is above 3.7% support is risky.
For that reason, I’m going to wait this one out, for now, to see what we get.
Bitcoin is still hovering below that $48,000 resistance area. It pulled back slightly overnight, but only to $46,400.
It’s unclear as of now if we’re going to get a full retest of the $45,000 area before the next leg up or not.
But as mentioned recently, I’m not interested in looking for fresh longs until USDT.D (above) resets with a test of channel resistance. I’d also like to see BTC at least down to the $46,000 area.
Ethereum is in a similar situation to Bitcoin. It’s had a heck of a run lately but is still below resistance at $3,400.
And like BTC, I’d like to see ETH a bit lower to justify an entry. I think a pullback to $3,200-$3,250 would be interesting.
Above the $3,400 area is $3,600, which it’s one of the more significant areas for ETH.
Alternatively, a close back below $3,200 would open up the $3,000 support region.
SOL is up 43% since the breakout I mentioned on March 16th. It’s been an incredibly clean trade so far, with just one minor pause around the $105 key level.
However, Solana is battling some resistance today at around $122. The level served as support last September and resistance this past February.
Get above that on a daily closing basis, and $135 is likely next.
Alternatively, any rotation lower will likely find support near $114.
I mentioned a potential DOGE long opportunity when it was breaking out from $0.125 on the 23rd. The next resistance after that was $0.137.
Both of those areas were significant on the way up.
We also got a retest of that long-standing descending trend line two days ago. That level currently comes in at $0.15.
That’s going to be the big one for buyers to break. Clear that on a daily and weekly closing basis, and a move toward $0.168 and the $0.20 area seems likely.