📈 Time to Go LONG on ETH! But ONLY After THIS Happens!
Altcoins are likely to continue facing pressure!
Overview
Chart #1 - Chainlink (LINKUSDT) 8-Hour
Chart #2 - Ethereum (ETHUSD) Daily
Chart #3 - Crypto Total Market Cap Excluding BTC and ETH (TOTAL3) Daily
Chart #4 - Bitcoin Dominance (BTC.D) Weekly
Chart #5 - Fear and Greed Index
Chart #1 - Chainlink (LINKUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
LINK has created a higher low compared to the $7.10 low from a week ago.
I am looking for the $7.30 level to hold as support, and for the price to test the $7.50 - $7.60 upper range level again, where the resistance line from the beginning of October is located.
If $7.60 is broken, the next area of resistance ranges from $7.90 - $8.15.
LINK’s price action has been very bullish over the past couple of weeks, and it is one of those alts that could test higher resistance levels once again.
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Chart #2 - Ethereum (ETHUSD) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
Time to long ETH!
The price is descending into a key level with triple confluence: the green line represents diagonal support, the horizontal pink line indicates another support level, and the level has undergone multiple tests but remains robust and reinforced over time.
Additionally, there's a falling wedge, which is a bullish pattern.Â
I anticipate a slight fakeout to the downside, bypassing the apparent trade level. However, upon reclaiming and breaking the structure, as indicated by the arrow, I would seek my trigger entry and adjust the stop accordingly.
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Chart #3 - Crypto Total Market Cap Excluding BTC and ETH (TOTAL3) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
The TOTAL3 is still in no man's land!
There's a high likelihood it will sweep into the range lows, marked by the orange line, at $300 billion.Â
This means altcoins are likely to continue facing pressure, especially when compared to Bitcoin, which is now completing its breakout above the 200-week moving average.
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Chart #4 - Bitcoin Dominance (BTC.D) Weekly
Chartist: Sheldon
(For the chart screenshot, click here.)
BTC.D has once again reached the 52% resistance level, the same level that was tested at the end of June, where it was rejected.
If it is rejected at this level again and heads lower, it will be bullish for the alts. If it declines, the next support is at 50%, with the more important zone at 48% - 49%.
If though the 52% - 53% resistance area is breached, it could head as high as 58% - 60%. This range served as support in early 2021. If it does, it might take some time to reach that level, but this would also indicate that the alts will continue to bleed as liquidity is drained from them.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 52 today, Neutral.
The highest the index has been over the past seven days is 52, and the lowest is 44.
Banter’s Take
Bitcoin continues to hold steady and might be executing a bump and run, indicating a potential upward move. If Bitcoin experiences a pullback, the level to monitor would be $27,500 for the next significant higher low.
Stay safe my friends!
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