Market Analysis

Weekly Technicals Pro - Volume 72

Updated: Aug 31, 2024

Published: Aug 30, 2021

The market sentiment is stagnating near low levels of Greed (70s) as price action continues to go sideways. This sentiment is useful when it reaches extreme levels as it did in May/June/July at Extreme Fear levels which indicated a high probability of reversal - and that took place. Now, there is no caution signal communicated by this metric.

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Market Sentiment

Market Indexes

Total Market Cap

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The Total MCap continues its grind up with no signs of weakness as of now, there are two high odd routes from here:

Correct to $1.75T and rally towards $2.5T
Rally straight towards $2.5T

Altcoins Market Cap

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The Alts MCap surpassed $1.115T on the weekly timeframe and it has become support. This chart and reclaim communicates low odds of a correction and high odds of upside continuation to the previous highs.

Bitcoin

Bitcoin had the first red candle after 5 green weeks. Nonetheless, that candle still communicated strength by bouncing off $46,xxx.

$45,000 remains as support and the next resistance is $57,000.

Ether

ETH communicating strength alongside BTC. We saw that price was ranging between $3,000 and $3,325 on the daily timeframe with no breakout yet - once one occurs, we'd know where ETH is headed next in the short-term.

DOT

DOT has turned $27 from support into resistance - unless reclaimed that calls for a test of $19.40.

SNX

SNX continues a registration of higher highs and higher lows which denominates a bullish market structure. However, price was unable to hold $12.40 as support which is worrying for bulls.

RUNE

RUNE is continuously rejecting $11.50 which is our line in the sand for what would invalidate the bearish market structure.

SOL

SOL went from $10 to $100 real quick and that was a great 10X. From here, we've scaled back our position by booking 30% profits on SOL.

SRM

SRM is going up alongside SOL but is struggling to break through the $8.50 resistance, we can only assume upside continuation after a reclaim.

FTT

Someone is continuously selling $50 FTT and word is that it comes from someone at Binance given that this is where the volume is stemming from and they were investors in FTX. From a technical perspective, $42.50 is support.

MINA

The way we're going about MINA is that we'd consider it bullish short-term only if it reclaims $3.10.

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