TrendTracers Weekly Market Analysis #5
TrendTracers sunday analysis
BTC
Not much has changed since last week. We are still bearish but there is room for a correction up to 46k. However in the bigger picture, price is likely to go below the lows of January. Around 28k might be another support level. For now we’ll sit on our hands.
BTC.D
btc.d reacted heavily off lows. Btc.d looks like it’s forming a low. This suggests , with our bearish take overall, that altcoins will drop more compared to bitcoin.
Ethusdt,
Looking kind of similar to bitcoin. Price might retest the order block around 3k. More rejection might lead to new lows.
Ethbtc
Price is below resistance and downtrending. This might be a “dead cat” bounce indicating a bearish move in the future. In general the trend is bearish, expect lower prices on ethereum.
DXY
The downtrend seems to be slowing down. Price is starting to close above the baseline. Dxy broke out of the wedge and the market is starting to look bearish for stocks. There is a lot of greed in the market so we might be able see some form of a recession soon as a consequence of Corona. Our invalidation level would be when the DXY hits below 89.4
USDT.d
The USDT.d broke out of resistance and we saw a big move up. We are currently slowed down at the high and we might see some retests. Close above 5.00 would be a bearish indication for crypto. The usdt.d retest of the resistance will probably happen along with the predicted btc lows.
Conclusion:
The market still looks bearish. We might see some upside since btc got rejected at support so we expect a bounce to the 44 k area. This would be a great time to get out of some alts because we expect further downside from here.
BTC
Not much has changed since last week. We are still bearish but there is room for a correction up to 46k. However in the bigger picture, price is likely to go below the lows of January. Around 28k might be another support level. For now we’ll sit on our hands.
BTC.D
btc.d reacted heavily off lows. Btc.d looks like it’s forming a low. This suggests , with our bearish take overall, that altcoins will drop more compared to bitcoin.
Ethusdt,
Looking kind of similar to bitcoin. Price might retest the order block around 3k. More rejection might lead to new lows.
Ethbtc
Price is below resistance and downtrending. This might be a “dead cat” bounce indicating a bearish move in the future. In general the trend is bearish, expect lower prices on ethereum.
DXY
The downtrend seems to be slowing down. Price is starting to close above the baseline. Dxy broke out of the wedge and the market is starting to look bearish for stocks. There is a lot of greed in the market so we might be able see some form of a recession soon as a consequence of Corona. Our invalidation level would be when the DXY hits below 89.4
USDT.d
The USDT.d broke out of resistance and we saw a big move up. We are currently slowed down at the high and we might see some retests. Close above 5.00 would be a bearish indication for crypto. The usdt.d retest of the resistance will probably happen along with the predicted btc lows.
Conclusion:
The market still looks bearish. We might see some upside since btc got rejected at support so we expect a bounce to the 44 k area. This would be a great time to get out of some alts because we expect further downside from here.
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