Greener Candles Crypto Market Analysis - 07/06/25
After a few days' break, I'm back at my crypto market analyses. Not expecting major moves during the weekends, but rather analysing charts for the next. Preparing.
Also, this here below is pretty much how I approach the market each morning in this particular order. Putting these pieces together while adding some crypto news into the mix, I get at least some sort of sense of the current market sentiment.
S&P 500
When planning my crypto trades, I always keep an eye out for the S&P 500 Index(when NY stocks are open) because it usually sets the tone for broader market sentiment including BTC and rest of the crypto.
Yesterday, the S&P made a bullish close above 6,000 points, and even though stocks are now closed for the weekend, it sets the stage for an interesting next week as the resistance level at 6,140 gets closer and closer.
BTC
As for Bitcoin, the bulls defended the psychologically important $100k level well, and BTC jumped from $100.4k back up into the $104 levels.
It got rejected from the diagonal descending trendline again and is now trading within a tight area between it and the $104.8 support level. Since it's the weekend and the volume is low, I wouldn't jump to conclusions just yet, but instead wait until Monday.
BTC Dominance
The BTC.D currently stands at 64.59% and is on the move to the upside with higher highs and higher lows.
The next zone of interest is between 65% & 65.5%. Getting rejected there again would mark a double top and better times for altcoins.
USDT Dominance
By looking at the daily chart, we can see that the USDT.D has been on the decline since the end of April, creating lower highs and lower lows. However, it has now started to climb back up but is forming an upward wedge pattern, which is considered bearish as these often break on the downside. In addition, we have the decreasing volume to back this thesis.
The wedge could potentially go up into the light yellow zone, which aligns with the resistance level, so that area is definitely one to watch.
ETH
Although moving slowly upwards, ETH is still range-bound between $2,400 and $2,700, with volume declining.
A break above $2,800 would be very bullish, but if it should fall below the range, it could go down to fill the fair value gap near the $2,000 level before going up again.
Altcoins
Going into altcoins, I'm especially interested in buying some spot $HYPE, which I mentioned in my yesterday's blog post as the potential is huge and I need it in HyperEVM airdrop farming activities.
My first target buy zone is at $32, which is closing in as $HYPE has been in a short-term downtrend, bouncing back from the descending trendline. With the HYPE price, these downward moves have recently broken upwards, so I'd be pretty comfortable buying at the green zone there.
Another one I'd like to mention is SUI.
Thursday, I exited my SUI/USDC LP position at the halfway point of the range (red label) as things weren't looking that great. After that, I was just holding 50/50 SUI & USDC, waiting to see which direction it would take.
After I noticed an uptrend forming, I added some more spot $SUI, and since then, the price has climbed even higher. Unlike with $HYPE, I'm already holding quite a bit of $SUI, so I might take some profit at some point if it keeps on going up.
Another option is to re-enter the LP position if the SUI price goes way above the previous range.
Trades
- No trades
Conclusion
I think I'm going to take a little break from trading and touch some grass this weekend. Also planning to research some new projects finally put start putting in work on Kaito yapping. If you aren't on Kaito yet, I'd suggest joining and start yapping on X. Let's connect and help each other out over there! 🙂💪
Thank you for reading, and don't forget to follow for more up-to-date crypto content. 🟢
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