Market Analysis

Multi Format Thursday - Volume 19

Updated: Jul 25, 2024

Published: Nov 25, 2021

Bitcoin did break the bullish market structure by creating two consecutive lower lows - despite the fact that the remainder of the market remained in a bullish structure.

Squiggly Line in the lead

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

This is being redeemed now and the final step would be reclaiming $60,000 on the weekly timeframe for BTC.

Ether

Ether held support perfectly on the weekly timeframe without a hiccup and the bias remains that as long as price is trading above $4,200 then the target will remain $10,000.

DOT

DOT is precisely following BTC's footsteps in terms of price action. We'll need $40 to hold on the daily/weekly to remain positive for the upcoming weeks/end of quarter.

SNX

Finally something almost interesting. SNX is approaching support which would offer a good R:R to swing long as target would be $12 with an invalidation by daily closure under $7.30.

RUNE

We like keeping things simple and rules-based. The assumption here is chop & drop until there is a weekly reclaim of $11.50.

SOL

SOL is trading at support which is bullish but we're keeping our eyes peeled.

If SOL trades under $186 in the coming days then it would have effectively set a lower low and $236 would've represented a lower high which registers as a bearish market structure. This has not occurred nor are we saying it would but we remain careful.

SRM

SRM is trading under $6.40 which sets the stage for a drawdown to $4.50. The invalidation of the former scenario is a daily closure above $6.40.

MINA

MINA has reclaimed $5 and is now retesting it for support. This now gives it the stage to run into the double-digit zone.

FTT

Holding $50 support nicely.

DYDX

DYDX has set a higher high and higher low which breaks the bearish market structure that price was stuck in. With that said, for price to prove it has set a local bottom then it must reclaim $18.