Members Breakdown - 22 July 2021

BTC

Bitcoin advanced by over $2,000+ on yesterday's candle from start to finish. This brought price back into the [$30,000-$40,000] range after a brief exit. The important factor was the engulfing candle. Candlestick patterns are non-applicable to most of crypto given the high volatile nature; we've observed over time that engulfing candles are different. For example, when SOL broke down from $36 and registered a bearish engulfing candle on the daily timeframe, we knew odds had dramatically increased of it falling towards lows $20s - which occurred.

ETH

ETH's price reclaimed $1,950 as a key area of support. This now suggests that $2,150 is the next level. We must note the magnitude of candle here as well, which communicates that $2,150 will likely only be a stepping stone along the way.

If the price is able to clear $2,350 (previous lower high), then a run towards $3,200 may finally materialise once again for ETH. Would that mean that the price would be in the clear for a new run to new ATHs? No, and we must take things one step at a time.

DOT

Very honestly, still uncertain here on the hedge and whether to close it out. Given that we've taken that hedge near $15, we will probably maintain that hedge until DOT clears out that level or shows more strength.

SNX

Bullish engulfing candle on SNX post-$7.50 test, which means $11 is next once again.

RUNE

Very large advance from low $3s, and those buys look good in hindsight now, Next key level for RUNE is $5.75

SOL

SOL also has seen a very bullish candle and advance yesterday. The obstacle is $28.50 for another test of $36.

SRM

Nothing here, at least yet.

FTT

FTT is still on its way towards $35. Given the large rebound by the remainder of the market, this one may actually materialise.

MINA

MINA has reclaimed $1.03 on the 4H, which sets the stage for a test of $2. Nonetheless, even with bounces, the bottom is not confirmed until the market structure changes.

Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make and only you are accountable for the results.