Bitcoin forms a bearish continuation pattern
Bitcoin closed down just over 2% on Tuesday and has now formed a bearish pennant on the daily chart. The structure is defined by higher lows and lower highs, creating a triangular pause after the prior move. Because this is a continuation pattern, the key support area is now around $61,000.
If that support breaks, the next artificial support target remains $49,000. The bearish view is reinforced by daily RSI falling back below 25 into oversold territory, while both OBV and the TBO remain strongly bearish with no meaningful change in trend structure.
Ethereum breaks short-term support
Ethereum also weakened, closing down just over 3% on Tuesday. Unlike Bitcoin, ETH is not forming a bearish pennant; the simpler read is that short-term support has broken. The current candle opened below that support, confirming the weakness rather than creating a constructive rebound.
The next artificial support target remains $1,385. Until ETH can reclaim lost support and reverse the bearish TBO/price structure, the update remains defensive and aligned with the broader downside pressure in crypto majors.
Dominance charts continue to pressure altcoins
Combined stablecoin dominance remains strong bullish above the daily TBO Cloud, and daily RSI has returned to overbought territory. The analysis is still waiting for stablecoin dominance to push above 13%, with the expectation that BTC losing $59,000 could be the trigger that drives that move.
BTC dominance is also slightly green, which is negative for weaker altcoins and OTHERS.D when it rises alongside stablecoin dominance. OTHERS.D is still technically bullish above the daily TBO Cloud, but RSI has lost momentum, and a close inside the Cloud would mark a shift into bearish consolidation.
Total market structure remains bearish
TOTALES.D confirmed a third weekly TBO Breakdown last week and continues to lean bearish as RSI moves into oversold territory. While the chart has bounced twice from historical TBO Support at 86.22%, the expectation remains for additional downside.
The TOTALES market-cap chart is still expected to lose the 1.77 trillion artificial support target. TBO and OBV remain strongly bearish, and the analysis is also watching TOTALE50.D, TOTALE100.D, TOTALE50, TOTALE100, and OTHERS for the next broader flush once Bitcoin loses $59,000.
Traditional markets flash risk-off signals
The DXY remains strong bullish, though it is not necessarily trending higher. RSI could lose overbought status if it closes below 70, and a larger pullback toward short-term support near 98.450 would be a key development. USDJPY continues to drift higher at 160.35 in strong bullish mode, which remains negative for the yen.
Equities also showed stress. S&P Futures printed a volatile Darth Maul candle and appear likely to remain in bearish consolidation inside the Cloud, with historical TBO Support at $7,061 as the next major support level. SPX hinted at further downside continuation, DJI pierced the Cloud, NDX cut more than 5% wick-to-wick into the Cloud, and FANG/NVDA weakness added to the risk-off tone.
Altcoins and commodities show deeper weakness
The altcoin section remains broadly bearish. XRP’s weekly chart is weak across the TBO, RSI, OBV, and volume, with historical TBO Support at 0.40 now looking increasingly realistic. SOL shows similar weekly bearish conditions. HYPE is working on a TBO Close Long, but if BTC loses $60,000, the expectation is that HYPE can be dragged lower with the market.
Additional altcoin warnings include ZEC in bearish consolidation, RAIN printing a second TBT Bearish Divergence, TON carrying an open recent TBO Close Long, SKY at risk of losing short-term support, ASTER approaching a Fibonacci support break, ONDO printing a second TBO Close Long, WLD watching support at 0.4714, and CAKE, CRV, SIREN, and LAB retesting the daily TBO Fast line. Precious metals are also under pressure, with gold, silver, platinum, and uranium all taking sharp hits, though PAXG/BTC remains strong bullish.
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