Chart of the Day - Monday, July 15, 2024

🏆 Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). 

• Crypto markets firmed up over the weekend as some of the top coins reclaimed broken support. The four largest ($BTC, $ETH, $BNB, $SOL) formed potential tops in Q2, but Steve points out these tops are failing.

• On Friday, Bitcoin reclaimed support at $58k, marking a Failed Breakdown. Since then, it's been on a four-day winning streak, gaining +12%.

• The Crypto market got a little frothy in Q1. Bitcoin had just broken out to record highs, Halving was around the corner, and the dumbest meme coins were surging higher. This four-month consolidation has shaken out the weak hands and refreshed sentiment.

The Takeaway: The Crypto markets trapped the bears over the weekend. Some of the most important coins are resolving higher despite forming potential tops in Q2. When bearish patterns fail, it's often bullish.