Today is a great day in crypto,
The summer sideways grind continues between 29k and 30k. In terms of high cap Altcoins and Bitcoin, the market is very uneventful and not a lot of volatility going on. The attention currently has moved “on-chain” to defi short term rotational plays. Coins like $BITCOIN, Rollbit, and Unibot have had the most attention around the Crypto Twitter space.
The S&P looks to have met some resistance at 4600, at least for a correction, time will tell if we start making lower highs to start a trend downwards or re-claim and continue for ATH’s. Keeping in mind August/September have been down months in the past with traders returning from vacation. We have also had quite the rally the first half of the year, a correction could be in play for the second half of the year. Something to watch if crypto follows or not.
If Bitcoin gets above 30k and closes on the weekly chart, we can look for a possible break out to the next target of 32k. On the other hand, if Bitcoin closes below 29k on the weekly, we can expect at least a continued move down to 28k. Bitcoin also had a great first half of the year, a correction for the second half of the year could be in play. Overall, not much movement from last week.
ETH/BTC Chart:
The ETH/BTC chart can act as a general guide to the question of if it is better to hold in Altcoins or Bitcoin at the time. If ETH/BTC chart is trending down it will most likely be the same with most Altcoins to be trending down also. When ETH/BTC chart breaks to the upside, this will mean that ETH is outperforming BTC and so will be the case for most Altcoins. We will look for areas of support or resistance to help decide on how to position our portfolio.
Not much has changed from last week ETH/BTC is still consolidating at the Monthly Order Block.Either a push up from the monthly order block or taking out the lows at 0.057 could be a time where ETH could look to start outperforming BTC.
Bitcoin Dominance:
Bitcoin Dominance is another confirmation on if Bitcoin is leading the way or are Altcoins taking up more of the total market cap. If the Bitcoin Dominance is trending higher, this means Bitcoin is taking up more of the total market cap and is leading the charge. When the Bitcoin Dominance tops out and goes down, this will be a time when Altcoins are outperforming Bitcoin, and you will want to be in Altcoins to have a higher potential for higher return on your trades.
BTC Dominance rejecting from a Monthly Support/Resistance level but still in an uptrend on the Weekly chart.BTC Dominance is below 50%% but is still technically in an uptrend (a break below 47.5% will invalidate the weekly uptrend). BTC Dominance next resistance level is 52%.
Quick Bit:
BTC is still below $29,500 and is ranging between $29,500-$29,000 a re-claim above 30k will be bullish and a break below and close at $29,000 will be bearish. The next Weekly support is at $28,000.
The weekly timeframe is still in an uptrend, invalidation is a close below 25k.
Support areas are seeming like less support as we are looking exhausted at a key level ($30,000) with not a lot of liquidity around the market.
Sentiment:
Neutral
Bulls are hoping for a re-claim of $30,000 or bounce from $28,000 to continue to the upside.
BTC Analysis:
Current Price: $29,400
A daily uptrend could be forming if price gets above $29,800 on this next daily swing.Small daily pumps are getting fully retraced.
Next support is at $28,000, if price reaches here we will look for a reaction in this area for a possible long or spot buy.
There is a weekly Bullish Order Block support area now at $28,200 — $25,500. A larger correction would make momentum harder to continue up.
ETH Analysis:
Current price: $1,846
Bulls want to hold $1,800 to continue momentum to the upside.ETH must hold the $1,800 level to continue market structure to the upside.
It has been consolidating just below $2,000 since April, this could mean for a big break out if it can get through and close above the $2,000 level.
Next weekly support at $1,680 — $1,560
Long Term Buy Prices:
$1,700 — $1,500
$1,500 — $1,200
Monthly Bullish Order Block: $1,570 — $1,191
Long-term investing reminders and mindset:
Accumulate in high time frame support areas, weekly and monthly time frames.
Recognize the difference between a “dip” and a trend change, avoid buying short time frame dips (daily/12hr/4hr/1hr) in a high time frame down trend or (vice-versa) don’t buy small pumps if the longer time frame (weekly/monthly) are in a down trend.
BTC area to pay attention to on the weekly timeframe support: $25,500–$28,000
ETH area to pay attention to on the weekly timeframe support: $1,700–$1,500
BTC to stay above $22,000 to continue weekly bull trend.
10 months until BTC halving April-May 2024 (accumulation phase is now)
The bull run mindset is focused on the future 2024–2025.
BTC and ETH are safe havens compared to ALTS until new bull market is confirmed.
Stronger ALTCOINS Above Daily 50/200 EMA’s:
This shows which Altcoins could be worth watching in the coming days/weeks, and that they look stronger on the charts compared to other Altcoins that are not above the 50/200 EMA’s.
The higher the time frame above or below the 50/200 EMA’s gives you an idea what the trend will continue as longer term. Lower time frames show a shorter trend.
For example: If the coin is above the 50/200 EMA’s on the weekly timeframe you can lean towards a bullish bias and that the trend will continue up for the next coming weeks or months looking to long any pullbacks. If the time frame you are looking at is on a lower time, let’s say the 1hr or 4hr, maybe you can expect that trend to only continue for the next day or less.
The coins below are shown on the daily timeframe so this list can change week to week, the purpose is to give you a pulse on the market week to week, and if you keep seeing the same coins appear here that could signal continued strength and to possibly look and build a position in them for a swing trade or long-term investment.
(This is just from the variety of coins that I keep track of, obviously there could be others)
- SOL
2. XDC*
3. UNI
4. KAS*
*Above 2D 50/200 EMA also
Quote of the week:
Disclaimer: I am not a financial advisor, and this is not financial advice.