BTC closed above 80k this week.

I said for months that 80k on a confirmed close would be the level that invalidates the triple top and changes the structure. That close has happened.

SPX is at new ATHs again. ETH bounced back above the H&S neckline.

On the surface everything looks bullish. And in terms of price structure, it is.

But I want to be direct about where I stand and why my overall approach hasn't changed.

I still believe the real BTC bottom for this cycle has not formed yet. A move to 80k to 84k was the scenario I laid out when the triple top invalidated. Getting that move doesn't mean the macro cycle has ended. It means the intermediate rally is playing out.

Let me walk through each chart and then tell you exactly what I'm doing in this environment.

The triple top resistance zone between 78k and 80k has been cleared. BTC is now above 78k on a daily closing basis. That's a meaningful technical development.

The ascending channel from the February lows is intact. The step-up trendlines within the channel are holding. 78k and 76k are now the support levels to watch on any pullback.

Above current price, the red resistance zone on the chart sits around 85k. That's the next area where sellers are likely to show up meaningfully.

But here's the context that doesn't change: For the macro downtrend from the all-time highs to be formally invalidated, BTC needs a confirmed close above 98k. We're at 80k. That's still 18k below the level that changes the long-term picture.

The 80k to 85k range is a meaningful intermediate trade. It is not the macro recovery. I know the difference and I trade accordingly.

What I'm watching: Does BTC hold above 80k on a pullback and use it as new support? Or does it reverse back below and retest the 76k zone? The character of the next pullback tells me whether this is genuine absorption or distribution at the new high.

ETH has bounced back above the 2,270 H&S neckline area I've been tracking. That's a partial recovery from last week's confirmed breakdown.

But the key levels above are clear. 2,404 is the first resistance. Above that 2,467 is where the head formed and the most significant resistance sits. A close above 2,467 on a weekly basis would begin healing the H&S structure.

Until that close happens, ETH is recovering from a breakdown pattern, not confirming a new uptrend.

The red resistance zone visible on the chart at 2,700 to 2,800 is the level where I'd expect meaningful selling pressure if ETH gets there. That zone represents the area where the broader macro downtrend reasserts itself.

2,200 and 1,899 are the support levels below if this bounce fails.

My read: ETH is bouncing. That bounce is real. The structural damage from the H&S confirmation hasn't been fully repaired. I need a weekly close above 2,467 before upgrading ETH's structural read.

AI is moving from experiment… to essential.

Every major industry is integrating it.
Every major company is investing in it.

By late 2025, AI was already an $800B market — growing at a pace that could push it well beyond $1 trillion in the years ahead.

Cloud infrastructure is scaling fast.
AI-enabled devices are multiplying.
Automation is becoming standard.

But here’s the real question…

When trillions flow into this transformation — which stocks stand to benefit most?

Our new report reveals 10 AI stocks positioned across the backbone of this shift — from the companies powering the infrastructure… to those embedding intelligence into everyday systems.

If you want exposure to one of the defining growth trends of this decade, start here.

Download the Report Now

SPX added another 100+ points from last week's 7,261 to today's 7,368. The move to new ATHs is now five consecutive weeks of gains.

7,043 is the support level that matters. It is now 325 points below current price. Each week that passes with SPX above 7,043 strengthens the case that the level has genuinely become the new structural floor.

The volume divergence I've been flagging continues. Price making new highs while volume doesn't expand proportionally. That concern hasn't gone away. But I'm not fighting the trend.

I want to be transparent about my approach this week because it's different from a standard directional trade.

I'm not buying BTC spot at 80k. I'm not buying ETH at 2,293.

Here's why.

My conviction is that the real cycle bottom for BTC has not formed yet. A move from 65k to 84k is a significant intermediate rally and I've been tracking it from the beginning. But the macro downtrend is not invalidated at 80k. The deeper capitulation event that historically marks a genuine cycle bottom has not happened.

The play for me in this environment is not buying spot. It's generating income while waiting.

I'm selling call options into resistance. When ETH rallied toward 2,450, I shorted the 2,450 call expiring May 29. That position is now +39%. ETH didn't reach 2,450 by expiry and the premium I collected is mine.

That's the approach. Sell premium into resistance. Collect income while waiting for the real bottom to form. Don't chase spot in an intermediate rally that hasn't changed the macro picture.

When I believe the real bottom is in, I'll tell you. That conversation looks very different from the one we're having today.

Free gives you the picture. Premium gives you the full framework.

Inside premium today:

Join 9-5 Traders Premium at www.whop.com/digitalvault1

Full scenario maps. Options strategy breakdown. Real-time Discord updates.

Victor