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Market Analysis

Weekly Technicals Pro - Volume 38

Updated: Aug 31, 2024
Published: Jan 4, 2021
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Market Sentiment 

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This metric is a good reality check to maintain cautiousness and maintain firm risk management at all times. Most definitely not a tool to time the market by any means as this has been in “Extreme Greed” since Bitcoin was at $14,000.

Trading Volume 

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“Volume must confirm the trend”, this is one of the pillars of Dow Theory. Here, volume is confirming the very obvious uptrend Bitcoin is undergoing.

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As stated for weeks now, ETH saw an increase in volume but it was not significant yet. We were awaiting for a big volume breakout like we saw on Bitcoin. It has finally happened. Over $1.5B in volume in a single day on ETH.

Market Indexes

Total Market Cap 

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The Total Market Cap is finally at a new ALL-TIME HIGH. This is very obviously a new bull-run, one in which we expect to see a Total MCap in the trillions. First stop: $1T.

Altcoins MCap 

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This fractal has materialised spectacularly well. Price has not only reached our $245B target but it flipped it from resistance into support on the weekly timeframe. As discussed on Discord Pro, there are a lot of over leveraged longs that will get flushed sometime soon, this is a good pullback level.

Bitcoin 

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Undoubtedly a spectacular rally which begun all the way from the $10,000 flip from resistance to support to now price being 3.3x higher. The next level to look out for is $36,000 at the end of January in particular.

As explained in Discord Pro this a popular options strike price for the late Jan expirations.

ETH 

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ETH has shown massive strength and massive demand. Price has reached and breached $800. The levels of support are $910 and $830. The target is ATH.

DOT 

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Another layer-1 platform went parabolic: DOT (native asset of Polkadot). It is in price discovery and creating higher highs and higher lows consistently. The only levels of resistance are psychological key round numbers.

SNX 

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As explained in the YouTube Video made exclusively for Pro members (click here to watch), SNX broke ATH and retested it for support and is now in price discovery like a rocket-ship. We are personally not selling anything under $60.

SRM 

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A flip fo $1.40 will signal the end of the consolidation phase. When that happens we expect another DOT-like move.

XRP 

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Massive delistings risk, has flipped $0.30 from support to resistance. This is not a bullish chart. $0.20 is technical support but we doubt it holds with delistings nearing. The market has spoken.

 

Disclaimer: None of the above constitutes financial advice or any sort of recommendation. These are purely opinions.

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