Will the squiggly line show us the way?Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.
Bitcoin
Bitcoin has a decision to make by end of day. Either:
- Close a bullish engulfing candle and head back towards ATH
- Close a daily candle under $60,000 and retrace to $57,000
Ether
ETH is consolidating under resistance with strength showing up every few days - like today. Ultimately, what we are looking for is a decisive closure above $4,200 that leads it towards price discovery.
DOT
Perfectly holding $40 as support which sets the stage up for $50 then price discovery.
SNX
No changes. Interest only at:
- $7.50 test
- Reclaim of $14.10
RUNE
Great recovery run. Now that $11.50 is weekly support, we're looking at $21 as a first target.
SOL
SOL closed back under $200 and turned it into resistance. We're remaining objective here and as long as that's the case, then $150 would be upcoming next - invalidated by daily closure above $200.
SRM
Wins the prize for the most boring asset. We'll need to see a breakout from $6.40 or $8.50.
MINA
$4.90 was turned back into resistance which sets up the stage for the same $3 target.
FTT
If the candle closes under $60 then we're back in the same old range, if it manages to close above it though then yesterday would have been a deviation and we can consider ATH again soon.
DYDX
Bearish market structure that just turned $15.90 from resistance into support and tells us that $12 is next unless the market structure changes.
Squiggly line exclusive in the video!
Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your full responsibility.
Recommended from Cryptonary
