Market Analysis

Multi-Format Thursday - Volume 7

Updated: Jul 25, 2024

Published: Sep 9, 2021

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

Bitcoin

Bitcoin has broken the bullish market structure via the creation of a lower low. However, it has support right underneath at $45,000 hence shorting is certainly not a good idea - as it'll be shorting into support.

Ether

Ether fell all the way to $3,000, nonetheless it did hold support at $3,200, so unless the latter breaks, a recovery towards $4,000 is probable.

DOT

DOT fell alongside the remainder of the market of course but it did not break the $27 support. As long as that holds, the target will remain $40.

SNX

SNX is still holding the ~$11 liquidity area as support, if the latter breaks it'll be a quick trip to $7.50 - otherwise, $12.40 is on the line.

RUNE

RUNE is holding $8.85 as support with no breaks on the daily timeframe, nonetheless there is a double top formation (bearish) in play here which we've covered in the video analysis.

SOL

Wish we could say more but this chart is literally vertical, we can only spot levels during consolidations - even if they are brief - and that has not yet occurred at high levels. SOL has support at [$124-$130] and near $75; these are liquidity areas and key levels. The are of course psychological levels at $200 and $150.

SRM

When SOL rips, you can't really forget about SRM which is now heading towards its previous high of $13. If price is able to cross the ATH and register a new one, then road to $20 would be open once again.

FTT

Continuous higher highs and higher lows in price discovery which denominates a bullish market structure and communicates higher odds of upside continuation than downside.

MINA

MINA has reached final target of $5 (final short-term target) and here it has large resistance. Unless it is able to cross it a retest of [$2.80-$3.10] is likely.

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