Market Analysis

Multi Format Thursday - Volume 18

Updated: Jul 25, 2024

Published: Nov 18, 2021

Bitcoin has managed to maintain $60,000 as support on the daily timeframe. The latter is important but even more so on the weekly which is why we're keeping a close eye. A daily breakdown, would lead towards $57,000 but we think that's more likely to happen over an intraday wick than a full-on daily break.

Imagine going down in history as a "support seller".

Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.

Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your entire responsibility and yours only.

Bitcoin

Ether

ETH is holding $4,200 as support and is in the "big opportunity" area we talked about during last's week version of MFT. Currently, ETH is trading at support.

DOT

DOT is currently trading at the $40 level of support, we've seen good demand off this level. From here, what must happen for DOT to maintain the bullish momentum is a reclaim of $50 over the next few weeks.

SNX

No changes. Awaiting one of the following:

$7.50 test
$14.10 weekly reclaim

RUNE

RUNE is currently trading sub-$11.50 but what we must see is where the candle closes on Sunday night. If $11.50 is held as support then RUNE would remain in the bullish territory - otherwise it'd be chop/drop once again.

SOL

SOL's moment of truth, will $200 hold as support or will it fail. What we'd like to see is that key level holding for us to maintain the bias of $300 over the mid-term - otherwise further chop/drop.

SRM

SRM has broken $6.40 which now sets the stage for a drop towards $4.50 - this gets invalidated if $6.40 is reclaimed.

MINA

Poor MINA, every time it pumps BTC sh*ts the bed. Now, MINA is trading under $5 which re-sets $3 on the cards over the mid-term.

FTT

FTT trading at the $50 level of support.

DYDX

Moment of truth, will $12.50 hold and set a bottom for an EOY rally towards $36.50 or will it break and head towards single digit numbers. This is what we're monitoring here.