Are you buying the dips? Red days don’t last forever

Today, we are going to quickly just upload many charts. 

We'll be able to see which ones have filled their boxes, which ones haven't, etc.

 We'll then discuss the Fed this evening and what the markets will react to. 

Let's get into it.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

BTC

Just missed the Yellow box for now. 

But the $65,000 to $65,300 will be a key local resistance for price to get above.

If we get a hawkish Powell or a shift in the Dot Plot for 3 to 2 rate cuts scheduled for 2024 (I'm not sure we will), then I think BTC can still fill its Yellow box.

ETH

Filled perfectly along with the convergence of the bottom of the Kelten Channel. $3,525 will now be a relatively meaningful horizontal resistance for price to test and try to get above. 

My (Tom) personal feeling is that price may struggle to get above this level ($3,525) in the very short term, and we may just be range-bound/consolidate for the next week or so. Other than this, it is a perfect fill of the box.

SOL 

It filled the Yellow box also and, for now, has bounced from there. I still feel like $160 can be tested, and I am now ruling out a fast move into the bottom Yellow box between $145 and $151.

If we get the bottom Yellow box, it'd be an absolute gift, in my opinion. I am waiting for sub $160/Yellow box to add SOL. 

But if we get there, I'll be adding.

DOT

Has bounced for now, but $9.50 to $9.70 is likely to be a big resistance. I'm still thinking we'll see some consolidation/range-bound price action for a bit first. 

I can also see the Yellow box filling further.

RUNE

It bounced so far, but I can see this filling further in the coming days. 

Also, $8.00 is a relatively big resistance.

LINK

Hasn't respected the Yellow box, really. 

If we see LINK between $15 and $16 again, I think I'll have to consider adding to my longer-term bag.

RNDR 

RNDR doesn't care about the Yellow box. 

It continues to hold the upper bound of the Kelten Channel. SOL ecosystem showing strength.

If we see price in the Yellow box, I'll be loading up.

PYTH

Same situation as RNDR, holding the upper bound of the channel. 

We will look to build a substantial position if we're given the Yellow box. 

Again, the SOL ecosystem seems to be the strongest.

SHDW

Range-bound as expected. Is there really anything more to comment on for now? 

Major break out will be above $1.80.

NOS

Not filled yet, but very close. I have an eye on it and will look to add substantially to my position if we get the Yellow box.

Cryptonary's take

Today, we tagged a load of charts above, showing how some charts respect Yellow boxes; some don't. 

We can see from the most recent move that most have respected it.

Over time, hopefully, we (as a collective) will build more trust in the Yellow box strategy, and we'll have lots of you placing Buying Orders in those boxes and getting great fills for your entries. 

In a few hours, we have the Fed. I have explained what I (Tom) expect in the most recent Market Update.

My feeling remains the same: the Dot Plot will be important. The Fed has previously shown that they believe we'll get three rate cuts this year. If that continues to be the case in the new Dot Plot, released in just a few hours times, then risk assets will really like that. But, if they revise it down to 2 rate cuts, risk assets may take a small punch. I think there's a lot of excitement for this today, but come next Monday, it'll be forgotten.

But who knows with J Powell?

Let's see what we get—I'm looking forward to it.