TrendTracers Weekly Market Analysis #8
TrendTracers Weekly Analysis
Review last week analysis
Price followed our last week prediction exactly, moving in the indicated range on the BTCUSDT chart. Liquidity was grabbed around 29-28k as anticipated.
BTC
Regarding BTCUSDT a close above 34k would indicate a bullish move up to 46k according to our system. We will wait for our system to generate a buy signal and take it up to that level.
Price on BTC.D is still within our depicted range. We are waiting for the price to confirm a higher low. Multiple closes of daily candles above 50% would be a good confirmation. This would mean that bitcoin will probably be the biggest player in the coming price action on the crypto market.
ETH
Not much has changed on ETHUSDT since last analysis, we are still waiting on that buy signal. If BTC has formed a bottom at this point, the price on ETHUSDT will probably go up aswell. But waiting for a signal is the best course of action at this point.
The consolidation pattern on ETHBTC did not play out and the price is still downtreding.
The chart is looking quite weak so the best play here is stay out for now.
DXY and USDT.D
Nothing has changed on the DXY chart, markets are still bearish outlook for the general markets.
USDT.D is moving as expected however it needs to form a top here as depicted in the chart. If USDT.D continues to gain dominance above the latest high, an extended bearish period is ahead.
Conclusion
Everything is going to plan, we are patiently waiting for that buy signal. We don’t want BTCUSDT to close below 30k anymore. Time will tell, best thing here is just to wait for confirmation from your system and act on it. We expect a signal to fire this week, so keep an eye out on our indicators.
Review last week analysis
Price followed our last week prediction exactly, moving in the indicated range on the BTCUSDT chart. Liquidity was grabbed around 29-28k as anticipated.
BTC
Regarding BTCUSDT a close above 34k would indicate a bullish move up to 46k according to our system. We will wait for our system to generate a buy signal and take it up to that level.
Price on BTC.D is still within our depicted range. We are waiting for the price to confirm a higher low. Multiple closes of daily candles above 50% would be a good confirmation. This would mean that bitcoin will probably be the biggest player in the coming price action on the crypto market.
ETH
Not much has changed on ETHUSDT since last analysis, we are still waiting on that buy signal. If BTC has formed a bottom at this point, the price on ETHUSDT will probably go up aswell. But waiting for a signal is the best course of action at this point.
The consolidation pattern on ETHBTC did not play out and the price is still downtreding.
The chart is looking quite weak so the best play here is stay out for now.
DXY and USDT.D
Nothing has changed on the DXY chart, markets are still bearish outlook for the general markets.
USDT.D is moving as expected however it needs to form a top here as depicted in the chart. If USDT.D continues to gain dominance above the latest high, an extended bearish period is ahead.
Conclusion
Everything is going to plan, we are patiently waiting for that buy signal. We don’t want BTCUSDT to close below 30k anymore. Time will tell, best thing here is just to wait for confirmation from your system and act on it. We expect a signal to fire this week, so keep an eye out on our indicators.
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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