Greetings everyone
The market is extremely volatile, as it is, also, falling and practically all coins - except stablecoins - are in reds. Even if the 24 hours volume is in the average amounts - almost $55 billion - alongside the high altcoin dominance of 26.38%, creates a very risky environment around trading.
I will try to clarify and put my thought together, about what will be likely to happen next. Or, to correct me, to clarify what I will do next. Spoiler alert, I am going to sit tight and watch the movement of the market more. Also, keep in mind that technical analysis is an art and I am in my first steps, so DYOR and be responsible for your decisions.
BTC/USD
Bitcoin seems to build a strong R/S level at $10,100, as it was a strong resistance level back in May, while reversed in a strong support level in the first third of the previous month, too. This level will be retested soon, and hopefully, it will hold the pressure and let the price rebounds back up. The indicators on the 4h chart point down, while the daily chart is in slightly better shape, but not great. I think that I will wait for the R/S level 1 to be retested and then up, again in the next couple of days, to test the R/S level 2 at $11,200, with stronger resistance.
Eth/USD
Same, like bitcoin, but in worst position, regarding indicators, is the Ethereum. There is a strong support level at $320 (R/S 1) but alongside he R/S level 2 they forming a - descending? - triangle. We must remember that the true value of Eth is in the Defi ecosystem, and currently, even if it seems to calm down, so does the gas, too. That been said, I think that the Defi space can uptrend again, but at a much slower tempo, and of course so will the price of Eth.
SNX/BTC
I am a big fan of the Eliot waves, and I use them as the first glance of a chart, to have a sense of where is the current position, regarding the chart and the history. This is harder. I would like to watch a bit more before I decide, as we see a(possible) second wave, in the (possible) new uptrend cycle 12345 Eliot wave sequence, alongside a (possible) reverse head&shoulders formation, currently waiting the right shoulder to appear. MACD in the daily chart looks promising, so I would like to have a price alert around 5000 sats to revalue the chart.
That is for today, I would like to watch the market more, and I shall see you in the next post.
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