Overview
Chart #1 - Crypto Total Market Cap (TOTAL) Daily
Chart #2 - Bitcoin (BTCUSD) Weekly
Chart #3 - Ethereum to Bitcoin Ratio (ETHBTC) Daily
Chart #4 - Avalanche (AVAXUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Crypto Total Market Cap (TOTAL) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Yesterday, Bitcoin experienced a significant upward movement, causing the TOTAL to rise from $1.12T to $1.24T within the day.
Earlier today, it surged to $1.265T before experiencing a rejection and retracing slightly to its current position at $1.233T. The TOTAL is now grappling with the major resistance zone between $1.24T - $1.26T—a zone tested and rejected in both April and July.
If it manages to ascend beyond $1.26T, the next substantial resistance is at $1.40T.
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Chart #2 - Bitcoin (BTCUSD) Weekly
Chartist: Kyle
(For the chart screenshot, click here.)
A few weeks ago, we outlined the possibility of a 45% move for Bitcoin.
This was based on the stochastic RSI upside cross, stemming from a key Bitcoin support level at $25,000. That move has since taken place, and Bitcoin has convincingly breached its next resistance level.
While we need to wait for the week to close, it seems almost certain that we'll see a higher high on a closing basis. This indicates that the uptrend remains intact.
The next milestone to monitor would be a backtest into the $30,000 - $32,000 range, looking for support and a new higher low.
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Chart #3 - Ethereum to Bitcoin Ratio (ETHBTC) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
ETH/BTC has reached the 50% level outlined, hitting 0.052, with the price now showing a reaction. This could indicate that ETH is gearing up for a significant move and might outpace BTC in the near term.
This short-term trade could transition into a longer-term position if it reclaims the range low support at 0.0557.
However, only time will reveal the outcome, and we must let the market dynamics unfold.
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Chart #4 - Avalanche (AVAXUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
AVAX not only rose from its $10.25 support level but also broke through the daily descending resistance line that dates back to early August.
This morning, it faced rejection at the $10.75 resistance level and is currently priced at $10.50. There's potential for a further decline to retest the breakout point of the descending resistance, around $10.25.
Given AVAX's recent upward momentum, I believe it could continue to rally over the next few weeks, challenging higher resistance zones.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 66 today, indicating Greed.
The highest the index has been over the past seven days is 66, and the lowest is 50.
Banter’s Take
Bitcoin's outlook appears very positive, with more indicators suggesting confidence in the surge. While most altcoins are currently trending downwards compared to Bitcoin, there are signs of a potential shift. ETH/BTC's behavior provides insight into this, as ETH often leads the way.
Stay safe my friends!
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