ππ ETH/BTC holding strong! Alts about to pump?
Chart #1 - Cardano (ADAUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
There are many indications cash might be about to flow out of bitcoin and into the alts. What does that mean for ADA?
After consolidating for two days straight in the $0.37 - $0.38 area (support), I suspect it is gearing up to head to resistance at $0.40 - $0.42, or possibly even higher at $0.44 - $0.46.
If it breaches the $0.38 support, it could head to $0.35. Lose that, and we're heading to major support at $0.32 - $0.34.
π£πΏπΆπΊπ² π«ππ§
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Chart #2 - Bitcoin (BTCUSD) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin tapped the liquidity at $28,937, stopping out the early shorts, and has since moved back down to the mid-range level.
There are two possible scenarios now:Β
Either bitcoin bounces from its mid-range and re-attempts the breakout from $28,937 or,Β
It grabs the liquidity at $26,525, stopping out the longs.
As it currently stands, I'm waiting for the short side to play out and then I'll reload my long positions at lower levels.
π£πΏπΆπΊπ² π«ππ§
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Chart #3 - Ethereum/Bitcoin (ETHBTC) 3-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The ETH/BTC ratio chart is refusing to break down!
It keeps bouncing off its diagonal trend line. If bitcoin continues to consolidate sideways, I expect the ratio to start moving up, which would mean altcoins would start bouncing.
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Chart #4 - TOTAL 4-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last two weeks, the TOTAL has been ranging between support at $1.096 trillion, and a very tough resistance area of around $1.17 trillion.
If we want a clear indication of where the market is going to head, the TOTAL needs to exit that range.Β
Currently at just below $1.15T, the next support is at $1.12T, followed by the range low support at $1.096T, whereas the next critical resistance level from here is at $1.2T.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 63 today, indicating Greed.
The highest the index has been over the past seven days is 64, and the lowest is 57.
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Banterβs Take
The market is consolidating and finding its new range following both a big move as well as a massive options close out today.Β
We are still of the opinion that pullbacks from here are mostly dip-buying opportunities. Bitcoin is missing a higher low, but hopefully, we'll see that soon. It would provide a healthy foundation for crypto to continue its move upward.
Stay safe my friends!
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