SNX - Broken out and retracing. Get Ready?!Looking like a solid breakout on SNX. I expect this to continue fairly shortly.
SNX is an early market mover generally. This could signify a trend change into the market.
Reggiogeorge
BTC - Bounce at previous trendline resistance, turned support?Although our Inverse H/s didn't work out, this is the textbook retracement level off the breakout a couple weeks back.
Short term target from here is 40k, best bet is to see how things are performing when we get near there as well as fundamental factors and move accordingly.
Inverse H/S on BTC with weakening sell pressure? Bottom close?We've tagged our 39.6k level nicely for a potential inverse h/s. RSI is seeing a cross on the 4h and we have a td9 on the 4h, so chances of movement up here in the short term is quite good.
Also this sell spike has really solidified the bullish divergence we've been seeing on the sell pressure side: as the price increases the sell pressure has decreased, while buy pressure started picking up. Very interesting as this usually points to sell pressure weakening.
This is why our short term sentiment is now neutral rather than bearish.
If we get a bounce here we want to watch 42k as the next point of interest. it's our volume point of control since the start of the year, has a lot of historical movement and as we all know 42 is the answer to the ultimate question.
Failure to hold this level - we move to 38k as our next point of interest. But as stated above - we're getting to heavy reversal territory on BTC.
SPELL - Inverse H/S Should be FREE MONEY🍾SPELL is looking good after a pretty brutal breakdown.
TD9 Buy into an inverse head and shoulder - Sell volume has steadily declined throughout and now buy volume seems to be picking up.
Should be a pretty clean move up on the way.
BTC - Potential Path to 80K+ Forming?We've been looking at this pattern in depth on our Twitch channel for some time (friday - monday every week!)
Looking like a very good potential roadmap to 80k+ has formed.
The pattern is firm so far, let's see if it can hold.
FILECOIN - Where will Dr.Fil Go? 🎯100%+ POSSIBLE🎯Should be an easy play here on FIL we have a clear wedge forming with volume building. wait for either the breakout or the retest of bottom support and set you TP's accordingly.
Fundamentally FIL is a good prospect with real world use cases (though their fee structure could use some work to be competitive). They are a token held by greyscale.
CHR - NFT Boom Activate 🚀300%+🚀CHR is a fantastic NFT ecosystem that has had some dealing with the united states airforce in the past - makes you wonder why it hasn't taken flight yet.
Well it looks like we're about to leg up hard - breakout has already happened, retrace has already happened, and gratuitous spending is about to happen when it comes to the BPT subscriber base.
NKN - New Kinda Rocket Ship🚀1000%+?!🚀 NKN - one of my favourite sleeper projects, is looking to make it's way to the bank once again.
Significant volume spikes after the most recent breakout and retracement- this chart like to move QUICK when it moves and the volume spikes are a clear indicator something is going down.
Don't sleep on this - NKN is easily a coin that deserves a spot in the top 100 and still has a SIGNIFICANT way to go before getting there. So why not catch a ride?
AAVE - Broken Out of Inverse H/S? Looks Like Money!Here's a very nice setup for AAVE, which has some very bullish developments taking place with AAVE pro.
I expect a pretty easy payday here, though we're nearing retracement on the RSI so expect to grab a quick dip for even better gains.
MTL - Another Giant Cup and Handle Ready to go Nuclear?Looks like MTL lives again and is very likely to put up massive gains from here.
The chart is showing a tasty cup and handle formation, with us just breaking out of the handle now.
You can't really see it on this chart because the earlier volume spike was massive - but we're getting decent volume on this breakout:
Suspect a quick retracement at some point but I would be picking up a bag of this for the long term. The last breakout gave us almost 40x gains in just 147 days.
UNFI - Looking to GROW, Get Some Before It's Too Late!UNFI is showing strength against BTC with higher lows after breaking out of a long term downtrend.
Seems to be facing rejection at every climb thus far but buy volume is still beating sell volume considerably, suspect this will make it's break through sooner rather than later.
I would buy at this current level for a long term position with very reasonable risk reward.
BTS - Ready For More? Insert K-Pop Joke Here?!BTS is looking like it's ready for an absolute monster leg up.
BIG breakout with volume confirmed on weekly timeframe into bottomed RSI and a bullish butterfly on the daily timeframe.
Suspect we'll hit over $1 in the next 3-6 months.
ZIL - Long Term Pattern Showing Again - Keep An Eye on This!Zilliqa is one of my favourite charts to trade as it runs a very simple pattern generally of pumps and consolidations.
Indeed, we've got some history:
And now it looks like we've got a massive cup and handle on the weekly chart. This could be a MASSIVE move when this pattern breaks.
Volume is declined, RSI is bottomed but relatively still in a strong spot. We're below all EMA's but a correction back up will lead us right into a breakout.
Fundamentally ZIL is big for tokenization and with the NFT sector coming back strong from it's crash this is a chart to keep eyes on over the coming weeks.
Market Pivot or Market Manipulation? Why not both!The elephant in the room first - Why do I keep bringing up these charts? Well they are acting a weird way. and weird stuff tends to mean something is happening outside of the norm.
We've started to see a rapid decline in active shorts on Bitfinex, which coincides with a bounce in btc price.
If we look back at the last two spikes - We see clear patterns in each. It seems once the direction is decided it has been more or less fully playing out with very little in the way of overall variance.
That said, we have a sample size of 2 and they've gone different directions each time: not exactly the most definitive scientific study I've ever seen without a doubt. But there definitely seems to be something going on here.
The hyopthesis here is that we'll see a movement play out similar to last time. Though with seeing longs start to climb now, it could be a very interesting out come.
BTC - Short Term Chart Looks Interesting? Catch The Retrace!Looking at BTC 2H chart, looks like a clear downward compressive channel.
Could be a nice shorter term play into the next retrace - as I don't believe the correction is over QUITE yet.
But we're close. So play the range because it's so clear and make some money while we wait for the next big adventure to moontown.
CHR - BIG breakout in play. Ride It To THE BANK!!Looks Like an Easy play on CHR in the works with volume taking us into a bullflag breakout.
NFT sector is moving like someone store is so don't feel bad taking the low hanging fruit.
Catch the retrace or market buy now and be a little patient should be an easy pay day for us.
CRYPTO MARKET CAP. - CAREFUL! GamePlan for the Brain. Man.So we can see a breakout on the daily market cap chart, we also have the GreyScale BTC unlock coming up this week. coincidence?
Well - maybe not. We see that Longs have stopped growing, this is somewhat odd and generally points to a short term reversal coming.
Likewise our shorts are beginning to build.
I would expect this to continue up until mid/late this week, there looks to be a very clear play on the market at the moment with the shorts growing in the short term. Once we reach the middle/ end of the week I believe we'll start to see the shorts top out, longs finish a small correction and start growing again, and btc dump so that investors can get a premium on their GBTC.
Gameplan? follow the money! We know from looking at our short chart that we probably aren't at the short term top as it's still rising, so take some longs until we see btc top out and bearish powers start to take over, then short HARD down to 33k ish.
This is gonna be rather aggravating for hodlers - but you're a patient bunch. For short term traders expect a couple days of excellent opportunities you should definitely capitalize on.
I think we're still quite early in the overall bull-run realistically, possible only a quarter of the way in. But we'll know soon if this is the case or we're in the denial phase and i'm guilty.
ZERO HOUR - Decision Time For the Whole MonthTaking a Look at the overall market capitalization for crypto - It looks like there's a couple of interesting things happening.
First a Bullish ABCD , this is good. Second is an upward wedge which we are currently retesting the bottom of - also good though our overall position in the wedge could be more ideal.
The wedge we're in ends in the next 2 days - meaning we're likely to see a big move from the market one way or the other soon.
There are two potential scenarios the way I see it - Either breakout now or break down to give us further capitulation, a third bear trap, and then more upside coming into August.
I know... it'll go up or it'll go down seems like a cop out don't it? But let's be real everything is pretty knifes edge right now. Despite BTC becoming accepted as currency official in a fairly obscure country in the grand scheme on things - we've yet to see any bullish buying return.
On chain metrics are showing a lot of accumulation at this level so I believe that even if we do see a break down we will not break this range overall - but it will be a frustrating month for most to be sure.
BEST COURSE OF ACTION? Take what you can get right now but don't get too stuck in until we get a confirmed direction. Alts haven't been showing as much capitulation as BTC over the past few days with DEFI and NFT sectors largely blowing up - pointing to a shifting in the overall intelligence of the market into stuff that they can actually use for stuff versus stuff that they just saw on the news.
CHZ - Chili bro's unite, it's going to the moon.CHZ is the flagship sportsfan token - with partnerships in a variety of sports most recently the UFC.
The chart is looking prime for a huge growth spurt. a series of breakouts - a bullish gartley - a double bottom. These are very good things to see on a chart alone, together they are excellent signs.
Buy some CHZ and enjoy the profits.
BTC:Those Who Do Not Learn From History Are Doomed To Repeat It.Let's take a proverbial breathe for a second and look at the big picture in this time of turmoil.
proportional to the 2017 bullrun, we're sitting in the same growth and retracement areas representative of the first wave of the bullrun.
in 2017 we saw 1k% gains after this point over the course of 154 days, followed by further alt growth in the weeks following BTC topping out before the market corrected back down massively.
Do you think history will repeat itself?
Remember: there are few constants in the world of finance - the limited number of BTC possible is one of them. Is Plan B correct?
I must admit, the similarities in the charts are peculiar.
MTL 🧨 DON'T MISS THIS ONE!💎 Ready for More🚀MTL is showing a massive breakout currently, and with an airdrop coming up for it - and the bank push still in the air, now is the time to get on the rocket.
Clear volume confirmed breakout into a retracement. Lots of room to grow across the board.
Should be a textbook payday on this movement. Don't miss this one.
Monday Market Update - Back Up From Here? Well Maybe After...Crypto is on the rebound! And the sun is shining through the clouds. But lets take a look and just see what we're looking at before we get too excited.
Historically, May and June are pretty poor months for BTC - keep that in mind for this analysis.
First off looks like our bullish bat on BTC seems to be holding solid, this would imply some upside is in the cards short term from here. Supported by RSI and TD9 both in reversal areas.
we see BTC.D had a nice breakout as the market collapsed and people rushed out of alts but not as bad as would be expected on a real end of the world crash. Looks more like a very sudden, intense correction - "just a correction" - right guys?!?!
Market caps both total and total2 are looking in good position. Total stopped where it should for us to get more growth from the market, and total 2 is shaping up into a nice inverse A/E implying an increasing buy pressure on alts through the consolidation of BTC after the dump.
Overall it's looking like short term up is definitely in the cards, obviously, but I would look to the 45k to 50k area to see where we're really going. If we get a big re-short on BTC here then expect a push below 30k quicker than you probably think it will right when people get comfortable with the bull-run being back on.
What does this mean for alts? Well recovery across the board short term and more charts that want to break out starting their new price discovery on their way to the moon. If we get a re-short on BTC I anticipate the alts will get hit hard, but I'm expecting a lot of them to hold their bottom support of their retracement levels if they have started their breakout. It's very important in these markets to wait for confirmed movement to avoid dead cat bounces - If something breaks out wait for the retracement and buy in then for maximum safety.
Take care and be safe!
Where is Crypto Going❓ Let's Take a Look👀After a weekend typified by extreme amounts of FUD, looks like the lights have started to shine through the clouds and have illuminated that crypto does indeed still exist. But for how long? Are we going back to 10k? Will everyone lose their life savings - AGAIN. Let's look.
But first, let's discuss the whole dump thing to get some context. It seems at this point it was at least somewhat a market manipulation event, with a lot of the initial cascade of BTC sold all at once to start it being collected over the weeks prior in small amounts. Would not surprise me if this was meant to coincide with the china ban (yeah again, and it still works! crazy!) in order to really get the gears going.
Anyway a bunch of retailers panicked, not helped by the lot of folks online shouting it's the start of the bear season we're all gonna be poor from every mountain top.
Honestly - if you were one of these people going around to your chat rooms spreading FUD you have nobody to blame for the market crash but yourself as you were a part of the problem.
Now, surprise, everyone is pro crypto and FOMO'ing back into the market. Really can't make this shit up.
Enough about this madness let's look at some weekly candles to ease our mind.
BITCOIN
BTC is holding on to a fairly firm EMA 50 weekly support, but of course we want to be above our 21 so if we can't rectify that situation ASAP we're looking at a short term bull trap or accumulation for quite a bit.
I believe my earlier prediction on this ultimately being quite bullish for alts still stands despite the retrace being sharper than expected - still within the boundaries. find that below:
RSI is in a great place for more growth, though TD9 is showing we could see more consolidation at this level or downside before the big reversal.
BITCOIN DOMINANCE
I use this chart as my road map for bullruns, as it works really really well. I suspect we're not done the bullrun as BTC.D still has a lot of cycle left to complete it seems.
We saw a Dead Cat Bounce I suspect back up to the channel we previously broke down out of, retracements are expected ultimately and the stopping point is crucial - here we can see that the retracement stopped right where we should see it stop for continued movement down. Remember, BTC.D dropping gives us alt season, we want this bastard to drop.
I suspect the floor around the 30-40% range, which gives us a good amount of market cap still to flood into the alts especially if money comes back into the market en masse.
When this completes it's movement downward I suspect we will be done with the bullrun for real.
TOTAL MARKET CAPITALIZATION
We stopped in our liquidity area from January, which is quite interesting from a technical perspective. Retracements are expected to stop in the liquidity area if you're expecting it to continue the movement afterwards, it seems that because the climb was so big, the retracement was likewise quite dramatic, but given the current stopping level I believe there's a good chance of continued a big bounce up from here.
TOTAL 2 - MARKET CAP EXCL. BTC (ALT CAP)
This is where things get interesting to me. While the market capitalization itself retrace to january levels, we see clearly by this and BTC.D that the alts has the same general movement of retracement, but to a much higher level than we saw in January. This further adds to my speculation that the bull run is not over, especially for the alt coins.
OVERALL THOUGHTS
If you bought this dip I think you're probably going to make a killing, at least in the short to mid term. If stock to flow is to be believe we could see BTC hit 100k or 200k+ if you're using STFX. After this point we could see up to an 80% retracement in the overall market, bringing us back down to the 20k level for a brief spell before normalizing.
The takeaway if we have more money to make here before we have to really worry, and those who hodl'd through the blood and bought the dip should see their testicular fortitude payoff soon. That said, make sure we're taking profit on this wave - Once we're done this leg it could be a while before we get another chance, though this leg could conceivably last in to early next year.
