TrendTracers Weekly Market Analysis #7
TrendTracers weekly analysis
Review last week conclusion
Last week’s conclusion still holds up. Bitcoin is more bearish and we profited off some shorts.
BTC
BTCUSDT is testing the HMA after a buy signal indicating a possible long but price is still in chop. Price is ranging and we broke slightly above resistance finding liquidity and dropping back down into the range.
We will be more bullish when price breaks the 36500 level, where the EMA is. Beware taking longs here since price is still below the weekly baseline and within a range.
BTC.D is still accumulating from the lows and hasn’t done much since last week. The chart is moving sideways but it’s definitely not altseason. So our advice is to stay out of altcoin longs.
ETH
Our bearish case from last weeks is playing out on ETHUSDT. Price broke down from the ascending triangle and we expect a drop into support between 1750 and 1400.
Alternatively price can form a higher low here but to confirm it a bounce above 2300 is needed. If that is the case and our system prints a buy signal, we go long.
ETHBTC is still within our triangle but it needs to reject the lower trendline soon. If this pattern plays out it will suggest a breakout to the upside, meaning a larger movement of Ethereum than Bitcoin.
DXY, USDT
We called a bottom on the DXY last month and it looks like we were right. DXY shot up 2.3 percent since then. A test to 93 is expected, if this level breaks there might be a global sell off across the markets. Let’s hope that the DXY will reject the 93 level.
USDT.D is creeping up towards resistance. We are waiting on a rejection at 5.00 percent. Or we are forming a range here meaning some more upside for BTC on the downtrends.
If USDT.D breaks resistance at 5.00 percent and stays above it for a couple of days then the crypto market will be very bearish.
Conclusion
The market is going sideways. On BTC we want to see 37k break or we want to see a liquidity grab around 28k and a quick wick up. Until then, sitting on your hands is still the thing to do. It has kept us safe during this chop. These are periods in the market where a lot of traders are losing. It’s best to wait for price to start trending again and when the trend is confirmed, act on it.
Review last week conclusion
Last week’s conclusion still holds up. Bitcoin is more bearish and we profited off some shorts.
BTC
BTCUSDT is testing the HMA after a buy signal indicating a possible long but price is still in chop. Price is ranging and we broke slightly above resistance finding liquidity and dropping back down into the range.
We will be more bullish when price breaks the 36500 level, where the EMA is. Beware taking longs here since price is still below the weekly baseline and within a range.
BTC.D is still accumulating from the lows and hasn’t done much since last week. The chart is moving sideways but it’s definitely not altseason. So our advice is to stay out of altcoin longs.
ETH
Our bearish case from last weeks is playing out on ETHUSDT. Price broke down from the ascending triangle and we expect a drop into support between 1750 and 1400.
Alternatively price can form a higher low here but to confirm it a bounce above 2300 is needed. If that is the case and our system prints a buy signal, we go long.
ETHBTC is still within our triangle but it needs to reject the lower trendline soon. If this pattern plays out it will suggest a breakout to the upside, meaning a larger movement of Ethereum than Bitcoin.
DXY, USDT
We called a bottom on the DXY last month and it looks like we were right. DXY shot up 2.3 percent since then. A test to 93 is expected, if this level breaks there might be a global sell off across the markets. Let’s hope that the DXY will reject the 93 level.
USDT.D is creeping up towards resistance. We are waiting on a rejection at 5.00 percent. Or we are forming a range here meaning some more upside for BTC on the downtrends.
If USDT.D breaks resistance at 5.00 percent and stays above it for a couple of days then the crypto market will be very bearish.
Conclusion
The market is going sideways. On BTC we want to see 37k break or we want to see a liquidity grab around 28k and a quick wick up. Until then, sitting on your hands is still the thing to do. It has kept us safe during this chop. These are periods in the market where a lot of traders are losing. It’s best to wait for price to start trending again and when the trend is confirmed, act on it.
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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