TrendTracers Weekly Market Analysis #11
Zaktualizowano
TL:DR
In the short term we expect BTC and ETH to move sideways/slightly up and other alt/shitcoins to be bullish. However a sudden correction would not be very surprising somewhere in the following weeks.
BTC
BTC is possibly breaking above resistance on the weekly chart. However there is no clear confirmation that price will go up right now, BTC is just less bearish than before. Multiple weekly closes above 50000 will be a strong indication for a continuation of upwards momentum. Be aware, price may have bottomed around 30k this year but that does not mean that price cannot correct and drop 20% in the future.
On the daily chart price is still below our baseline so we don’t expect a rapid move upwards.
We anticipated a potential break of the trendline on BTC.D suggesting another alt season which is playing out right now. Keep an eye out on BTC when BTC.D hits the 40% area, green order block on the chart. Because when BTC.D starts to rally upwards either the market is correcting or BTC price is moving up.
ETH
ETH is testing the body Open/Close of the ATH candle on the weekly chart. There could always be a potential break out here but that does not mean it is a good buy opportunity right now. First we would like to see a breakout with a possible retest to support. However this strong bullish move did reduce the odds of a breakdown below 2000 again in the short term.
If a sudden correction happens the chances of a good buy opportunity around 3000 are solid.
ETHBTC is currently in resistance after rallying for a couple of days. So we anticipate some sideways movement here for ETHBTC
DXY & USDT.D
USDT.D is dropping like a rock which makes sense since the market has been going up. However we are right around that breakout point from the last move upwards, we expect resistance here suggesting a correction for the crypto market.
The DXY closed above 93 however just once. However we expect if it closes above 93 a second time then the DXY will shoot off upwards which is bearish for stocks.
What we want to see is the forming of a lower high on the dxy below 93 and then a solid move downwards meaning upside for the markets. However this might not be the case unfortunately.
PERPS
MIDPERP seems to be forming new local highs. When MIDPERP closes above 4400 then we are bullish on some very old coins. For example, LTC had a good rally the past days.
SHITPERP closed nicely above the highs and printed a buy signal. So for the next couple days we are bullish on shitcoins.
In the short term we expect BTC and ETH to move sideways/slightly up and other alt/shitcoins to be bullish. However a sudden correction would not be very surprising somewhere in the following weeks.
BTC
BTC is possibly breaking above resistance on the weekly chart. However there is no clear confirmation that price will go up right now, BTC is just less bearish than before. Multiple weekly closes above 50000 will be a strong indication for a continuation of upwards momentum. Be aware, price may have bottomed around 30k this year but that does not mean that price cannot correct and drop 20% in the future.
On the daily chart price is still below our baseline so we don’t expect a rapid move upwards.
We anticipated a potential break of the trendline on BTC.D suggesting another alt season which is playing out right now. Keep an eye out on BTC when BTC.D hits the 40% area, green order block on the chart. Because when BTC.D starts to rally upwards either the market is correcting or BTC price is moving up.
ETH
ETH is testing the body Open/Close of the ATH candle on the weekly chart. There could always be a potential break out here but that does not mean it is a good buy opportunity right now. First we would like to see a breakout with a possible retest to support. However this strong bullish move did reduce the odds of a breakdown below 2000 again in the short term.
If a sudden correction happens the chances of a good buy opportunity around 3000 are solid.
ETHBTC is currently in resistance after rallying for a couple of days. So we anticipate some sideways movement here for ETHBTC
DXY & USDT.D
USDT.D is dropping like a rock which makes sense since the market has been going up. However we are right around that breakout point from the last move upwards, we expect resistance here suggesting a correction for the crypto market.
The DXY closed above 93 however just once. However we expect if it closes above 93 a second time then the DXY will shoot off upwards which is bearish for stocks.
What we want to see is the forming of a lower high on the dxy below 93 and then a solid move downwards meaning upside for the markets. However this might not be the case unfortunately.
PERPS
MIDPERP seems to be forming new local highs. When MIDPERP closes above 4400 then we are bullish on some very old coins. For example, LTC had a good rally the past days.
SHITPERP closed nicely above the highs and printed a buy signal. So for the next couple days we are bullish on shitcoins.
Uwaga
Sorry, no update this week... But how did you guys like that for a correction? :)
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