TrendTracers Weekly Market Analysis #8TrendTracers Weekly Analysis
TLDR:
Review from last week:
Daily closes above 34k would be a bullish indication according to our last week's analysis. We did get some closes there but no buy signal yet, maybe this week.
This weeks conclusion
Markets are starting to look bullish again. We are patiently waiting for our system to print a buy signal before we go long. Our target for BTC is 46k and 2900 for ETH. Invalidation is a daily close below 31600 on BTC.
BTC
We have to wait for a full buy signal. All our indicators are firing a buy signal except for Waddah Attar which is very close.
BTC.D seems to be rejecting the previous resistance around 48% possibly forming a range. Until we actually break past 50% we might get some alt-seasons or corrections.
BTC.D is ranging as depicted in the chart with the white lines. When BTC.D is downtrending within it’s range it is usually bullish because there is money flowing into altcoins. When BTC.D is trending up within the range the market is usually bearish, money is flowing out of altcoins. So when BTC.D is testing the upper part of the range it could be considered a buying opportunity because it is likely to test the lower side of the range again. In this way a trader can use a ranging pattern on BTC.D to determine possible future movements in the market and good areas to take profits and or position yourself.
ETH
Ethereum is looking bullish. We didn’t get a buy signal yet but it’s close, just like BTC. We expect it to go to 2900 at least after printing a buy signal.
A buy signal is flashing on the ETH-BTC so it’s probably just a matter of time when the usdt-pair prints a buy signal as well.
DXY and USDT.D
The DXY is showing weakness when approaching the resistance. However it is still a bit early to call it a top. But we do see some markets breach all time highs again so it seems like the markets remain quite bullish. A lot of f.u.d. is going around, I read many titles like: “The biggest crash of all time is coming”, when this happens an opposing reaction is often seen in the markets.
Our prediction on USDT.D from over a month ago finally happened and it feels good.
What to look out for however is: a weekly close above 4.7. This will probably initiate another bear market because the 4.7 area is the last area of major resistance.
but for now it rejected the resistance nicely and is moving forward exactly as expected. If it keeps this downtrend up it will be quite bullish for CRYPTO in general.
