Weekly Technicals Pro - Volume 75

Market Sentiment

Market Indexes

Total Market Cap

The Total MCap has a support level which is both psychological and a key level at $2T. As of now, this level has been holding on the daily and weekly timeframes. What we are seeing is retests of that level.

Of course, if that level breaks then further downside towards $1.7T would be on the cards.

Altcoins Market Cap

Similarly, the Alts MCap has support right underneath at $1.115T. Given that price is near support, the next key level in consideration is the previous high ~$1.5T. Of course, there are invalidations for any scenario and in this case it would be a break of support which would lead towards $645B.

The reason for the zoomed out chart is to put things into perspective for anyone investing for the long-term. All the price action taking place is somewhat of a consolidation post breakout from the 2017 highs - a breakout we'd never fade ourselves.

Bitcoin

Bitcoin's price had closed a bearish engulfing candle on September 12th but it also had support right underneath at $45,000. What this communicated, which we stated, was the increased likelihood of a few weeks of consolidation between $45,000 and $50,000 before further upside. If the bearish engulfing candle occurred with no support underneath, it would've been a different story of course.

Right now, we are seeing BTC's price at $45,000 once again, therefore unless it breaks, we maintain the same $57,000 target.

Ether

ETH in a semi-dangerous spot with too many tests of $3,200 (support). A break of support on the daily timeframe would lead to $2,500. That break would also likely coincide with a BTC break of $45,000 which would send it towards $40,000. Monitoring daily candle closures will be important for opportunity spotting.

DOT

DOT found resistance at ~$40 and has support at $27 which helps its bullish case during this latest dip. DOT above $40 is where things become interesting.

SNX

SNX did not manage to close a weekly candle above $14.10. This unfortunately maintains the bearish market structure - we had stated it only changes once $14.10 is reclaimed. Nonetheless, continuous tests of that level deplete the sell orders which can eventually open up the obstacle for a breakthrough.

RUNE

When RUNE was trading near $11.50, we had stated that this was a golden opportunity for anyone looking to de-risk (or didn't want to undergo downside) as a 'safer' re-entry could have been made once $11.50 is reclaimed. Reason-being that $11.50 is the line in the sand that separates bullish from bearish territory for RUNE.

Until a reclaim occurs, RUNE will keep consolidation and seeing a bit of pain for holders - like us.

SOL

SOL's weekly chart is too vertical for an analysis, which is why we're doing the daily timeframe.

SOL is looking to test the liquidity area at [$124-$130], we'll see whether it'll be a recovery or dead-cat bounce - based on volumes.

SRM

Not looking too great after the failure to hold $10.50. Nonetheless, SRM went back to support at $8.50 - though if that breaks it'd bring on decent downside.

FTT

A bearish engulfing candle is not what one would like to see after a breakout from the previous highs. $50 looking very likely on FTT.

MINA

Thus far, MINA is holding support at $4.88. We must monitor for a break as that would bring $3 once again.

DYDX

DYDX found support at $12.75 as stated yesterday. If Bitcoin continues for further downside, it'd be tough for DYDX to hold still and $10 would be likely.

 

 

Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your entire responsibility.