TrendTracers Weekly Market Analysis #14
TL:DR
Review last analysis
Being conservative was the right play regarding the recent dump, since the worst case scenario happened. Price broke through the first major area of support and tested the second one faster than we anticipated , we took some losses because of that unfortunately.
Conclusion
Well, the market gave us a nasty crash last week which definitely changed some dynamics in the market. BTC flipped to the bearish side while ETH is still showing strength to the upside. Midcaps are still not interesting but some shitcoins might still be worth it for the short term. After big moves like this it’s a good idea to take a step back from the market and look at the bigger picture to forge your plans. There is no need to rush into anything based on the charts. We will keep you updated on further developments in the discord.
BTC
Bitcoin broke through the major area of support and tested the 40-43 area. The buyback is promising but we are still below the 53k resistance. As long as the Weekly candle doesn’t close above the 53k level a retest to the 42k area is likely.
BTC.D
Crypto in general had a very “red” week, interestingly BTC.D went down by about 2-2.5% this week . This correlates with the strength ETH is showing in the charts. If the BTC.D breaks down below 40% we can expect the chart to make new ATL for the first time since 2018.
ETH
Ethereum never closed below 3800 and it looks like ETH will close above the weekly baseline this week which is very promising.
ETHBTC is breaking out of it’s Bull Pennant and is moving towards our predicted target from last week. This in combination with the fact that ETH, for the first time in history, having a market cap over half of that of BTC is a very strong outlook for Ethereum’s near future.
Long positions will be on our agenda If ETHUSDT closes multiple daily candles above 4500.
USDT.D AND DXY
USDT.D reacted off the 2.5% low ,instantly testing the top of the range at about 4%. Right now it’s hard to tell if USDT.D is going up or down in the near future because it’s in the middle of the range between 2.5% and 4%. The break out of this range will help us determine the longer term trend of the market, so we will be watching closely!
DXY didn’t do that much, we’re still waiting for a break above 97. Otherwise the DXY will probably reject and retest the 94 area.
ALTS
MIDPERP failed to finish the ascending triangle pattern. Last week we said that we wouldn’t be bullish unless it closed above 4300, it never did so this told us we had to stay out of the Midcaps. MIDPERP broke down of the pattern and tested the low from July earlier this year at 2600. There is no reason to be bullish on the midcap until it starts closing above 4k again.
SHITPERP rejected from ATH and made a good pullback to the Baseline and previous support around 6200 finishing with a nice buyback to the 8k support.
Review last analysis
Being conservative was the right play regarding the recent dump, since the worst case scenario happened. Price broke through the first major area of support and tested the second one faster than we anticipated , we took some losses because of that unfortunately.
Conclusion
Well, the market gave us a nasty crash last week which definitely changed some dynamics in the market. BTC flipped to the bearish side while ETH is still showing strength to the upside. Midcaps are still not interesting but some shitcoins might still be worth it for the short term. After big moves like this it’s a good idea to take a step back from the market and look at the bigger picture to forge your plans. There is no need to rush into anything based on the charts. We will keep you updated on further developments in the discord.
BTC
Bitcoin broke through the major area of support and tested the 40-43 area. The buyback is promising but we are still below the 53k resistance. As long as the Weekly candle doesn’t close above the 53k level a retest to the 42k area is likely.
BTC.D
Crypto in general had a very “red” week, interestingly BTC.D went down by about 2-2.5% this week . This correlates with the strength ETH is showing in the charts. If the BTC.D breaks down below 40% we can expect the chart to make new ATL for the first time since 2018.
ETH
Ethereum never closed below 3800 and it looks like ETH will close above the weekly baseline this week which is very promising.
ETHBTC is breaking out of it’s Bull Pennant and is moving towards our predicted target from last week. This in combination with the fact that ETH, for the first time in history, having a market cap over half of that of BTC is a very strong outlook for Ethereum’s near future.
Long positions will be on our agenda If ETHUSDT closes multiple daily candles above 4500.
USDT.D AND DXY
USDT.D reacted off the 2.5% low ,instantly testing the top of the range at about 4%. Right now it’s hard to tell if USDT.D is going up or down in the near future because it’s in the middle of the range between 2.5% and 4%. The break out of this range will help us determine the longer term trend of the market, so we will be watching closely!
DXY didn’t do that much, we’re still waiting for a break above 97. Otherwise the DXY will probably reject and retest the 94 area.
ALTS
MIDPERP failed to finish the ascending triangle pattern. Last week we said that we wouldn’t be bullish unless it closed above 4300, it never did so this told us we had to stay out of the Midcaps. MIDPERP broke down of the pattern and tested the low from July earlier this year at 2600. There is no reason to be bullish on the midcap until it starts closing above 4k again.
SHITPERP rejected from ATH and made a good pullback to the Baseline and previous support around 6200 finishing with a nice buyback to the 8k support.
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