TrendTracers Weekly Market Analysis #9
TrendTracers Weekly T.A.
TLDR:
Review last analysis:
Price is not looking bullish anymore but neutral. Our system didn’t print a buy or a sell signal.
Conclusion:
We expect BTC to test 42000 someday but not in the near future. Price hasn’t done much the last two weeks so our advice is to stay out of the market.
BTC:
There were some lows below our secondary baseline and volume is declining. We observe no indication whether bitcoin will break upwards or downwards. There are still levels to be tested both up and down. We are not going to gamble in any direction here. It’s better to wait for a signal.
BTC.D is going sideways, there is a very slight decline the last two weeks but nothing meaningful. The whole market is very indecisive at the moment.
ETH
Since it broke down from the ascending triangle it raided our predicted area of liquidity. However we never got a buy signal meaning that the trend is still too weak and there is a lack of bullish pressure for us to go long. The 2900 price area still has to be tested but for now, just like bitcoin, we regard this as neutral territory.
ETHBTC is going sideways as well. still holding the double bottom pattern but we want to see a break up above 69000 Satoshi. Otherwise we expect a break of the double bottom to 44000 Satoshi.
USDT.D & DXY
A close above 4.7 seems likely for USDT.D this week. This indicates weakness in the cryptomarket. An instant rollover of price is unlikely but this is not looking good for the bulls. If you are long you might want to think about an exit strategy here.
A weekly close below 4.6 is needed for us to be bullish again.
The DXY is testing the resistance at 93, we expect it to break as well. There isn’t much more to say.
TLDR:
Review last analysis:
Price is not looking bullish anymore but neutral. Our system didn’t print a buy or a sell signal.
Conclusion:
We expect BTC to test 42000 someday but not in the near future. Price hasn’t done much the last two weeks so our advice is to stay out of the market.
BTC:
There were some lows below our secondary baseline and volume is declining. We observe no indication whether bitcoin will break upwards or downwards. There are still levels to be tested both up and down. We are not going to gamble in any direction here. It’s better to wait for a signal.
BTC.D is going sideways, there is a very slight decline the last two weeks but nothing meaningful. The whole market is very indecisive at the moment.
ETH
Since it broke down from the ascending triangle it raided our predicted area of liquidity. However we never got a buy signal meaning that the trend is still too weak and there is a lack of bullish pressure for us to go long. The 2900 price area still has to be tested but for now, just like bitcoin, we regard this as neutral territory.
ETHBTC is going sideways as well. still holding the double bottom pattern but we want to see a break up above 69000 Satoshi. Otherwise we expect a break of the double bottom to 44000 Satoshi.
USDT.D & DXY
A close above 4.7 seems likely for USDT.D this week. This indicates weakness in the cryptomarket. An instant rollover of price is unlikely but this is not looking good for the bulls. If you are long you might want to think about an exit strategy here.
A weekly close below 4.6 is needed for us to be bullish again.
The DXY is testing the resistance at 93, we expect it to break as well. There isn’t much more to say.
You can find more Technical Analysis and shared positions in our community, if you’re interested in hearing our experiences and learning more about our indicators along with the risk management we apply, feel free to join here: discord.gg/CsB9JtU
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.