BTC Breaks Out, Tests Fibonacci Targets
Bitcoin surged to a fresh all-time high yesterday, just shy of $117k, closing up 4% on the day. The breakout confirms the bull flag pattern we’ve been tracking — even if unconventionally — and perfectly tagged the 1.272 Fibonacci Extension level, a textbook move taught in The Smarter Trader course.
With overlapping Fibonacci targets pointing to $121k as the next major resistance and only about 5% away, the bullish momentum remains intact. However, it’s worth noting that BTC has already met its July historical performance forecast of an 8% monthly gain, achieved in just 11 days, so expect pullbacks along the way. The daily TBO Cloud stays firmly bullish with the Slow line curling upward, RSI pushing above resistance, and OBV maintaining its climb despite modest daily volume. Weekly RSI remains strong above resistance, reinforcing the long-term uptrend.
ETH Strengthens, ETH/BTC Tests Key Levels
Ethereum also put in a stellar performance, closing above short-term TBO Resistance at $2,879 with a 6.5% gain. Volume spiked, and the weekly chart looks even stronger than the daily as ETH sets its sights on CME gap targets at $3,272 and $4,041. The ETH/BTC pair tested the crucial 0.236 Fibonacci level, and a close above it would signal a broader altcoin rally. ETH’s 4h chart also shows a TBO Breakout Cluster, underscoring the growing momentum.
Dominance Shifts Point to Altcoin Strength
Stablecoin dominance (STABLE.C.D) dropped below TBO Support at 7.42%, a massively bullish signal for altcoins, especially if RSI continues toward its May lows. BTC dominance (BTC.D) sank deeper into the TBO Cloud while its Slow line begins curling down, both supportive of alt strength.
OTHERS.D is close to printing a TBO Close Short, and TOTAL market cap just closed above long-term resistance for the first time since January — as did OTHERS. But amid this euphoria, it’s critical to stick to your trading plan and manage risk rather than chasing moves impulsively.
Altcoins See Broad-Based Gains
Across the altcoin market, many names are breaking out. SOL, LTC, and LINK are all in process of printing Open Longs on today’s candle, with LINK already piercing long-term resistance.
TRUMP, SEI, and KAS all followed through on prior bullish signals, with SEI rallying over 30% after its TBO Springboard Bounce. PENGU is working on a second daily TBO Breakout, and KAIA confirmed its Close Long as it tests higher Fibonacci levels.
ETH and ETH/BTC’s strength suggest altcoins still have room to run — but again, this is a moment to remain disciplined and protect profits as markets heat up.
The crypto market is showing no signs of slowing just yet, but don’t let the excitement overshadow sound strategy. Manage risk, lock in gains, and let the trend work in your favor.
For a deeper dive into the strategies and technical tools behind these moves, visit The Complete Cryptocurrency Investor by Mastering Assets.
