TrendTracers Weekly Market Analysis #11
tl:dr
Small correction across the markets in the short term, followed by sideways bitcoin and ethereum, other alts should start gaining strength when this range is being formed.
Review of last weeks TA
BTC hit our target from last week between 45k and 47k. So did ETH. The markets seem topped out for now as predicted.
BTC
We expect some sideways consolidation near the resistance depicted in the chart. From a bullish perspective, after consolidation for a period of time, a move to the highs of April seems possible. The bearish scenario is where btc tests around previous lows for maximum pain around 28k. It might even go lower to sweep liquidity.
During this consolidation we expect an alt season. So now we look at BTC.D which
seems to be heading to the lows of the range again around 40%, supporting our theory for another alt season. Because when BTC.D is moving down money is flowing out of BTC and into altcoins.
ETH
Ethereum is at resistance depicted on the chart. We don’t expect a massive bullrun from here instead some consolidation seems more likely because of Bitcoin. However there is a bull flag pattern forming on the ETH-BTC Daily chart which will play most likely play out coming days. This is one to keep an eye on.
THE PERPS
Midperp and shitperp reacted from a nice bottom pattern. After a small correction at the start of Bitcoins consolidation we expect shitcoins and midcap coins to make a significant move to the upside.
So we expect a pullback in the coming days to get in our positions. And then ride them up into the next resistance.
Small correction across the markets in the short term, followed by sideways bitcoin and ethereum, other alts should start gaining strength when this range is being formed.
Review of last weeks TA
BTC hit our target from last week between 45k and 47k. So did ETH. The markets seem topped out for now as predicted.
BTC
We expect some sideways consolidation near the resistance depicted in the chart. From a bullish perspective, after consolidation for a period of time, a move to the highs of April seems possible. The bearish scenario is where btc tests around previous lows for maximum pain around 28k. It might even go lower to sweep liquidity.
During this consolidation we expect an alt season. So now we look at BTC.D which
seems to be heading to the lows of the range again around 40%, supporting our theory for another alt season. Because when BTC.D is moving down money is flowing out of BTC and into altcoins.
ETH
Ethereum is at resistance depicted on the chart. We don’t expect a massive bullrun from here instead some consolidation seems more likely because of Bitcoin. However there is a bull flag pattern forming on the ETH-BTC Daily chart which will play most likely play out coming days. This is one to keep an eye on.
THE PERPS
Midperp and shitperp reacted from a nice bottom pattern. After a small correction at the start of Bitcoins consolidation we expect shitcoins and midcap coins to make a significant move to the upside.
So we expect a pullback in the coming days to get in our positions. And then ride them up into the next resistance.
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