Happy Monday, traders!
Another interesting crypto week ahead of us. Bitcoin already made some gains during the weekend, followed by decent price action of a couple of altcoins. Here in the picture below, we can see the daily performance of the top 100 altcoins by market cap, and although not each of them had a good weekend, there were some nice surprises.
A lot of buzz around one of the older L2s, Arbitrum, which made the headlines because of speculations of a possible partnership with the Robinhood exchange. Also, the whole Kaito yapping trend is probably positively affecting Arb, as it seems to be in the InfoFi spotlight right now.
Also, $AERO & $HYPE did good, as well as $OP and the memecoin $PENGU with ETF filings by Cboe.
Bitcoin
Let's take a closer look at the BTC performance over the weekend.
After breaking out of the falling wedge on Saturday, BTC was moving within a tight range for a while before showing some nice volatility, jumping between $107.3k and $108.7.
Not much volume there yet, but the price still remains in an uptrend, just barely making higher lows. The next resistance is near $108.9, while $109 would be an important level to claim and hold.
CME Gap
Another thing to keep an eye out for is the CME gap, which is a small one and almost filled by now, but still, these tend to be filled early on in the beginning of the week.
Ethereum
ETH is comfortably back within the ever-so-familiar range and looks like it wants to create a smaller range at the bottom of the bigger one.
Not much to say here, compared to BTC, we can see the ETHBTC chart in something like an uptrend, even though it's still down -1.04%
Meanwhile, the SOLETH is looking much better, although $SOL hasn't been performing that great either, even though it has probably gained some fuel from the ETF speculation.
Solana
Actually... gonna take it back a bit! Solana is looking pretty good here.
It has regained the $149 level, which it is now testing while creating higher highs and higher lows on the 4-hour chart.
The 50MA (blue) and 200MA (red) also look like they will cross some time soon, indicating a further upside movement. The next resistance level to claim is at $159, while a drop below to $142 level and a bounce from there would still leave the bullish structure intact.
Hyperliquid
During the weekend, I was more into airdrop farming and didn't do much trading, but the Sunday volatility caught my attention. Although I stayed off the leverage, I did make some good $HYPE spot trades.
Felt tired and didn't want to overcomplicate things, so these trades were almost entirely based on RSI. I simply sold in the overbought territory, bought the dip that followed and sold again when $HYPE reached overbought again.
Perhaps it would be a good time to buy again, but I'm in no hurry. I used the Fibonacci Retracement tool to calculate the next buying spot, which falls straight into the support level inside the grey area. Watching both BTC price and that CME Gap, and how the HYPE price reacts to that if the gap indeed gets filled at the beginning of the week.
Conclusion
I keep hearing it's a big week, a big month for crypto, but I remain somewhat cautious and not jumping right in with all my stables. Instead, I'm still using my stables to farm airdrops on different chains. Summers can get choppy, and although Bitcoin looks great, I just can't see the majority of alts in the same light, only focusing on my high-conviction tokens - $HYPE, $SOL & $SUI.
That being said, things can change fast, so I make sure my stables are easily withdrawn (avoiding lockups) and ready to be deployed again.
Lastly, here's a good crypto calendar to keep you up to date on important upcoming events in this crazy space:
Thank you for reading, and don't forget to like, comment, and follow! 🙏🟢
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