TrendTracers Weekly Market Analysis #13
TL:DR
This seems a likely spot for a reversal on the market in the longer term, there is no reason to think all time highs will not be tested again. However in the short term it is very hard to say what is going to happen so being conservative trading wise is our advice.
BTC
BTC printed a weekly buy signal on October 4 after a long consolidation period of 168 days. After testing the ATH for liquidity a pullback into support is happening. This provides a decent investing opportunity. The trend should be considered bullish as long the weekly chart doesn’t close below 50k.
Bitcoin is trending bearish on the short term however. Price is testing long term support so we are waiting for a close above the HMA 60. Shorting positions are also not advised at this moment, if you have a short position open taking profit here seems a good place. Doing nothing here is probably the best play.
ETH
Price is testing previous ATH on the weekly chart, our EMA and the HMA. Ethereum is looking very similar to Bitcoin but slightly better on the weekly.
The trend on the daily remains bearish for now. We are waiting for the bearish momentum to slow down before we take positions in the short term. A close below 3800 on the weekly chart is the go ahead for short opportunities.
Trading sideways is going on with ETHBTC. The weekly chart shows consolidation after a bullish move, suggesting more upside in the near future. 0.078 is the level for a breakout close suggesting a move to about 0.1.
ALTCOINS
Shitcoins are testing ATH while Midcoins are not. We are not very bullish on Midcoins until a close above 4300. For Shitcoins a close above 10300 is needed for us to be bullish.
Shitcoins are looking better than Midcoins for now, but we see an ascending triangle pattern on the midperp chart so if that breaks major upside is probable on the midCoins. We are waiting on the price breaking the levels mentioned before.
USDT.D AND DXY
There is not much to say about USDT.D. a massive trend reversal to the upside is not very likely before testing below 2.5%.
In our previous market update we expected a break of 93 on the dxy to be a bearish event for the market. This was true, after the DXY broke out it went straight to 97 where it met demand. Sideways correction in the coming weeks seems probable due to the rejection of the 97 level. A test somewhere above 100 seems very likely in the longer term because that is the resistance of the range.
This seems a likely spot for a reversal on the market in the longer term, there is no reason to think all time highs will not be tested again. However in the short term it is very hard to say what is going to happen so being conservative trading wise is our advice.
BTC
BTC printed a weekly buy signal on October 4 after a long consolidation period of 168 days. After testing the ATH for liquidity a pullback into support is happening. This provides a decent investing opportunity. The trend should be considered bullish as long the weekly chart doesn’t close below 50k.
Bitcoin is trending bearish on the short term however. Price is testing long term support so we are waiting for a close above the HMA 60. Shorting positions are also not advised at this moment, if you have a short position open taking profit here seems a good place. Doing nothing here is probably the best play.
ETH
Price is testing previous ATH on the weekly chart, our EMA and the HMA. Ethereum is looking very similar to Bitcoin but slightly better on the weekly.
The trend on the daily remains bearish for now. We are waiting for the bearish momentum to slow down before we take positions in the short term. A close below 3800 on the weekly chart is the go ahead for short opportunities.
Trading sideways is going on with ETHBTC. The weekly chart shows consolidation after a bullish move, suggesting more upside in the near future. 0.078 is the level for a breakout close suggesting a move to about 0.1.
ALTCOINS
Shitcoins are testing ATH while Midcoins are not. We are not very bullish on Midcoins until a close above 4300. For Shitcoins a close above 10300 is needed for us to be bullish.
Shitcoins are looking better than Midcoins for now, but we see an ascending triangle pattern on the midperp chart so if that breaks major upside is probable on the midCoins. We are waiting on the price breaking the levels mentioned before.
USDT.D AND DXY
There is not much to say about USDT.D. a massive trend reversal to the upside is not very likely before testing below 2.5%.
In our previous market update we expected a break of 93 on the dxy to be a bearish event for the market. This was true, after the DXY broke out it went straight to 97 where it met demand. Sideways correction in the coming weeks seems probable due to the rejection of the 97 level. A test somewhere above 100 seems very likely in the longer term because that is the resistance of the range.
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