TrendTracers Weekly Market Analysis #15
TL:DR
review last analysis
After the crash from last week we decided to stay fairly neutral in the market. We took some trades on a few Alt’s but nothing too fancy. Crypto hasn’t made any significant moves last week so staying neutral was the right call here in our opinion.
Conclusion
The market remains bearish, there is no indication that we are forming a bottom here. For the intra-week trades we will look for shorts at around 52k for BTC. At the same time shorts will probably be viable on Altcoins as well.
BTC
Bitcoin is exactly in the same spot where it closed last week. We are still waiting on a potential move up to 52k for shorts otherwise 43k.
BTC.D
Bitcoin was gaining strength against the altcoins this week after it touched 40% dominance on BTC.D. This might be a dead cat bounce meaning a potential alt season or a hold of support resulting in a further correction on the market.
ETH
Ethereum showing some weakness on the weekly chart, unlike last week. a close below 3970 today is considered a bearish sign. However if price does move up and we see a close above 4300 then new ATH’s are expected.
ETHBTC is still above the breakout point of the bull pennant. This week’s selloff can be considered a healthy pullback. However a close below 0.076449 is likely to be a swing failure pattern.
TOTAL
Last week’s close on TOTAL 1, 2 and 3 indicated an exit signal. This week the market cap tested our baseline and got rejected. We cannot assume anything bullish from this, we have to consider that a further correction to the down side is starting to become more likely.
review last analysis
After the crash from last week we decided to stay fairly neutral in the market. We took some trades on a few Alt’s but nothing too fancy. Crypto hasn’t made any significant moves last week so staying neutral was the right call here in our opinion.
Conclusion
The market remains bearish, there is no indication that we are forming a bottom here. For the intra-week trades we will look for shorts at around 52k for BTC. At the same time shorts will probably be viable on Altcoins as well.
BTC
Bitcoin is exactly in the same spot where it closed last week. We are still waiting on a potential move up to 52k for shorts otherwise 43k.
BTC.D
Bitcoin was gaining strength against the altcoins this week after it touched 40% dominance on BTC.D. This might be a dead cat bounce meaning a potential alt season or a hold of support resulting in a further correction on the market.
ETH
Ethereum showing some weakness on the weekly chart, unlike last week. a close below 3970 today is considered a bearish sign. However if price does move up and we see a close above 4300 then new ATH’s are expected.
ETHBTC is still above the breakout point of the bull pennant. This week’s selloff can be considered a healthy pullback. However a close below 0.076449 is likely to be a swing failure pattern.
TOTAL
Last week’s close on TOTAL 1, 2 and 3 indicated an exit signal. This week the market cap tested our baseline and got rejected. We cannot assume anything bullish from this, we have to consider that a further correction to the down side is starting to become more likely.
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