Multi-Format Thursday - Volume 4

 

BTC

Bitcoin has lost $45,000 as support but other market factors are hinting towards a further continuation of this run up - namely the low funding rate for perpetual futures. Where do prices go from here? There are decent odds, should $45k not get reclaimed over the coming days, that BTC visits the $40,000 level of support out of which is recently broke out. We speculate that price would not dip deeper than that price in the mid-term; unless an unforeseen fundamental catalyst hits the market.

ETH

Similar to BTC, Ether has turned a support into resistance - $3,200. This is certainly not a bullish development for price in the short-term; unless there is a reclaim in the coming days. Ultimately, the upcoming move is not very clear yet but will be highly dependent on where BTC moves to next and hence keeping an eye on its price action will be important.

DOT

DOT rallied from $19.40 towards $27 as previously outlined. Given the indecision of the market, it'll be dependent on where BTC moves to next, either a test of $15 & $19.40 first or a reclaim of $27 and a rally towards $40.

SNX

SNX is at the ~$11 liquidity area of support which by nature is bullish but we highly stress the point that it all depends on what BTC does next. If Bitcoin stays flat then SNX could rally again towards $12.40 but if it falls, SNX would not be immune.

RUNE

RUNE setting up higher highs and higher lows on an intermediate basis, but once again we'd like to stress the fact of the high BTC dependency here.

SOL

SOL has been rallying relatively hard compared to the remainder of the market. There is an intermediate level of support at $60 but wouldn't hold much strength if BTC were to drop towards $40,000 - it would rather be [$50-$55] that holds price down.

SRM

SRM tested the $8.50 area of resistance and has since rejected it. From here, a reclaim is possible but a test of $6.40 may be more probable given Bitcoin's current price action.

MINA

MINA is seeing smaller moves to the upside on each of the recent legs which is slightly worrying but once again highly dependent on where BTC moves to next.

XRP

XRP seems to be continuing its journey towards $1 after the loss of the $1.25 area of support.

 

 

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.