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Market Analysis

Multi Format Thursday - Volume 15

Updated: Aug 31, 2024
Published: Oct 28, 2021
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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

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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

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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

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Perfectly holding $40 as support which sets the stage up for $50 then price discovery.

SNX

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No changes. Interest only at:

  • $7.50 test
  • Reclaim of $14.10

RUNE

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Great recovery run. Now that $11.50 is weekly support, we're looking at $21 as a first target.

SOL

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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

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Wins the prize for the most boring asset. We'll need to see a breakout from $6.40 or $8.50.

MINA

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$4.90 was turned back into resistance which sets up the stage for the same $3 target.

FTT

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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

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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!

 

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