TrendTracers Weekly Market Analysis #6
Review previous conclusion:
Last week's conclusion still holds up resulting in profits from our shorts.
BTCUSDT and BTC.D
BTCUSDT is shaping up to be bullish. Our Levels of interest are 46k as resistance and 28k, 38k for support.
BTC.D reacted to the lows two weeks ago, now it’s forming a higher low. Bitcoin is gaining strength against altcoins as seen in the whole market. BTC.D ,at this point, can predict a bullish or bearish move for the market. Either way bitcoin is the coin of interest here, altcoins not so much.
ETHUSDT and ETHBTC
ETHUSDT is rejecting resistance around 2850. Unless we form a higher low here, we expect the price to go back down to 1800.
ETHBTC is forming a lower high while rejecting 78000 satoshi, however this is not confirmed. On the bullish side, price might be forming a consolidation pattern. Although we favour the bearish side and will be waiting until this consolidation plays out.
If a bearish move would happen, 40000 satoshi would be a good place to buy ETH for the long term.
USDT.D and DXY
Our analysis of USDT.d from two weeks ago still stands. The chart looks choppy and USDT.D is consolidating below resistance. The market will be bearish if the 0.5 level breaks.
A bottoming pattern was forming last time when we reviewed the DXY and it seems to be playing out. A retest to the resistance of 91.5 would not be surprising.
Conclusion
Not much has changed since last time. Bitcoin seems stronger than altcoins. So if you short, short the alts. Important levels on bitcoin are 45k, 38k, and 28k. Good luck everyone. Remember: knowing when not to trade is very important in this space.
Last week's conclusion still holds up resulting in profits from our shorts.
BTCUSDT and BTC.D
BTCUSDT is shaping up to be bullish. Our Levels of interest are 46k as resistance and 28k, 38k for support.
BTC.D reacted to the lows two weeks ago, now it’s forming a higher low. Bitcoin is gaining strength against altcoins as seen in the whole market. BTC.D ,at this point, can predict a bullish or bearish move for the market. Either way bitcoin is the coin of interest here, altcoins not so much.
ETHUSDT and ETHBTC
ETHUSDT is rejecting resistance around 2850. Unless we form a higher low here, we expect the price to go back down to 1800.
ETHBTC is forming a lower high while rejecting 78000 satoshi, however this is not confirmed. On the bullish side, price might be forming a consolidation pattern. Although we favour the bearish side and will be waiting until this consolidation plays out.
If a bearish move would happen, 40000 satoshi would be a good place to buy ETH for the long term.
USDT.D and DXY
Our analysis of USDT.d from two weeks ago still stands. The chart looks choppy and USDT.D is consolidating below resistance. The market will be bearish if the 0.5 level breaks.
A bottoming pattern was forming last time when we reviewed the DXY and it seems to be playing out. A retest to the resistance of 91.5 would not be surprising.
Conclusion
Not much has changed since last time. Bitcoin seems stronger than altcoins. So if you short, short the alts. Important levels on bitcoin are 45k, 38k, and 28k. Good luck everyone. Remember: knowing when not to trade is very important in this space.
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
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