Sunday Synopsis #8
Get up, get up, put your body in motion. Let's do it, just start the commotion.
So I’d like to thank everyone for their patience while I was out of contact. My traveling is all done for a few months so there shouldn't be any crazy long post interruptions like that last weeks. The crypto market is starting to breathe and show signs of life so it’s best that we all get up and start stretching out and get the blood pumping in hopes and preparation for some more running of the bulls.
I haven’t posted in a bit but I doubt in my absence anyone was seeing or forecasting anything other than prices up and to the right and most people were on point with the analysis. As shown below Bitcoin had two good weekly closes breaking resistances but was shut down this week at the prior low weekly close at $45217. While the RSI has finally ventured back into bullish territory it may not be all sunshine and rainbows in the near future.
There’s plenty of sellers that will have to be exhausted before the big rally continues. Below I’ve plotted out horizontal supports and resistances. Back on the original runup $43.7k-$44.8k was prior resistance, was broken, and retested as support on the next to the last runup to the eventual top. It was also the final price point that broke before the final price fallout. This will likely be a shaky region for traders. The same could be said about the region from $47-$49k. It was the support for the first macro lower high close and the initial failed market structure support leading to the trend change.
Ideally, the 50-Day EMA backed up by a horizontal support line will be the lowest prices will go on a retracement, putting $37k as our potential bullish trend floor.
Y’all have no idea how happy I am to kick this ranging chart to the curb, although I thank it for its service.
Continuing the trend ETH’s value in relation to BTC has gone up as well closing above a prior resistance of .068759 and RSI is maintaining a bullish position above the midline. While this is promising for ETH and altcoins I don’t think we’ll see any major runs in the alt market until ETH/BTC breaks and holds above .077152 which may be a stiff resistance as it’s failed there on the weekly chart twice.
It’s still BTC’s game right now when comparing the two.
If you are looking at ETH compared to the dollar it’s a bit of a different picture. First, we’ll zoom out a bit. ETH has held along this ascending trendline multiple times. The last test also created an ascending trendline on the RSI that is sitting on the midline. Big picture ETH is looking good at the moment.
Taking the same picture dialed in a little bit the supports show a bit clearer. ETH continues to roll through resistances each week. A major resistance zone lies ahead though. Basically $3343-$3923 is the last area before the return of new all-time highs.
Dialing things in and getting away from the weekly closes the daily shows the failure at the prior support and that is now resistance. If $2880 fails to hold $2530-$2600 is a region I’d expect to see some support. For some reason, the RSI doesn’t show up on the chart no matter how many time’s I save the screenshot. It did just cross down from an overbought region that coincided with the test of the high resistance area. The support at $2880 may have a hard time holding with these combined events.
Nothing too crazy for this post today. The price is moving in line big picture with oscillators and other metrics. We have many tests coming up but things look promising. This week I’ll go ahead and make everything free. I’m so close to 500 readers and I’d really like to break that mark this week. If you know someone who is in the markets and could use some insight pass along my link. I really gotta get better at Twitter so I can spread the word myself as well.
Monday will be a typical Micro Monday post focusing on how I look at and trade intraday charts. Thursday I’ll break down different strategies for taking profit. Saturday I’ll cover 5 altcoins suggested by you. Three will be the most requested and the other two will be randomly selected from the pool. Leave a comment below with your suggestions.
Finally, if you are on the free side this week will be a great time to see what you would get on the paid side. I could make a highlight thread of all the possible trades, setups, and analysis that has all come to fruition from the past posts in a time that many are clueless. While we are approaching a potential bullish run where everyone turns into a winner/genius it’s a time to really buckle down on fundamentals, learning, practicing, and implementing sound trading/investing methods that you can and will learn here. Take the plunge and subscribe to the paid section. You’ll thank yourself later.
Either way, have a great week. See you in tomorrow’s post.
Would like your view on QNT
I nominate AXS and TRB and FTT. Thanks for all you do Terry!