CrackingCryptocurrency

CrackingCryptocurrency

A very powerful movement downards from the DXY today. As a risk-on trader and investor, I typically look for contrary signals on the DXY to help guide my swing trades in the stock market and cryptocurrency. It's important to note, that the DXY has been a very powerful trending index to monitor and chart, and it's trend shifts have paid dividends to those who are...

CrackingCryptocurrency

A down day for Bitcoin, as prices slide nearly -3.5% so far. As pointed out in yesterday's Market Update, Bitcoin's price had reached an important Weekly Supply Level, therefore our current pullback is well anticipated. Two potential scenarios present themselves: 1. Bitcoin continues it's descent towards our Fair-Value Gap, approx. $30-$32K. 2. Bitcoin...

CrackingCryptocurrency

Bitcoin has had an explosive month of price discovery, as over the course of the last four weeks we've climbed above our previous consolidation range and reached new yearly highs. Data from Glassnode indicates that we are still in the third wave of investor accumulation. Research has shown that in all previous market cycles, there was a pattern of Bitcoin...

CrackingCryptocurrency

Altcoins have seen a boon this last month as well. Altcoin market capitalization increased 30% over the past four weeks, driving up from our Demand Zone. Altcoin MC has now hit a resistance level at approximately $460B. Above us is a very wide Low-Volume Node, with the next significant area of resistance in the $650B region. This means that a successful...

CrackingCryptocurrency

Similar to Bitcoin and altcoin's growth over the past month, USDT has seen a significant decrease in market dominance. USDT holdings fell nearly 22% over the last month, as that excess capital was redeemed or rotated into risk-on assets. USDT.D is now at a critical juncture, at a very important Weekly Support Level where USDT.D has reversed three times over the...

CrackingCryptocurrency

Very large sell-off overnight. Price dumped very quickly within two hours nearly 8%, only stopping after wicking thoroughly through our previous broken resistance turned into a Demand Zone. Unfortunately, such a large sell-off is usually an indication of trend exhaustion, so after an initial bounce-back my strategy is to short back down for a re-test or...

CrackingCryptocurrency

The Market Capitilization of the cryptocurrency market has rightfully exploded in the past month, adding over 1/3rd of a Trillion dollars to the value of the market. Market Cap. exploded through our previous resistance area and has now ventured into a Low-Volume Node on the VRVP Indicator. Low-Volume Node zones are prone to high volatility and explosive...

CrackingCryptocurrency

USDT Dominance continues to trend down, indicating capital is continuing to rotate out of stablecoins and into risk-on assets. On it's face, this is a bullish sign that indicates we can continue to see broad price appreciation across the cryptocurrency markets. Things to note and prepare for: USDT Dominance IS at a critical support level. USDT Dominance has...

CrackingCryptocurrency

XRP remains an asset to watch - my next "big" trade of the season. We remain consolidating underneath critical resistance. A successful breakout of $0.5572 is going to lead to an aggressive long - while any violent rejection downwards is going to trigger a short back down to our Demand Zone at $0.32. Volatilty is starting to contract on the Daily...

CrackingCryptocurrency

Ethereum, similar to Bitcoin, also remains in a tentative uptrend. We've successfully made Higher Highs and Higher Lows throughout 2023, however Ethereum has underperformed Bitcoin this year and ETH's chart looks less convicing than Bitcoin's. Critical support must hold for Ethereum at $1,450. If this levels breaks, we will revisit our Demand Zone between...

CrackingCryptocurrency

Bitcoin remains in a tentative uptrend on the Weekly Timeframe. Price is still evolving in an Ascending Channel, with the next target zone approximately $35,000 if the current structure holds. Price has formed a range between approximately $25,000 and $30,000. Price has oscillated between our Demand and Supply Zones three times, and price is now testing the...

CrackingCryptocurrency

XRP continues to consolidate underneath our current level of strong Resistance. This zone of Resistance stretches from 0.5371 to 0.5572, and is/was a Fair Value Gap created back in May 2022 during XRP's freefall. We've successfully broken this level once this year, fueled by the successful news of Ripple Labs pyrrhic victory against the SEC. A successful...

CrackingCryptocurrency

Ethereum, like Bitcoin, has made a decisive movement. Analyzing Ethereum however, gives us further insights into what we can expect from Bitcoin following this pump, and how we can use this information to identify profitable trade setups for both assets. Ethereum has pumped up to a Daily Supply Zone, just like Bitcoin. The current resistance level to break on my...

CrackingCryptocurrency

Bitcoin has made a significant move in our favor, rallying from consolidation at the bottom of our Daily Range to our first level of Daily Supply. Bitcoin Funding has also jumped nearly 10%, pushing funding into the 88th percentile. This indicates that this rally is being led by futures volume, and that futures traders are returning to an optimistic outlook that...

CrackingCryptocurrency

Bitcoin's price is in a wide range, from $25,000 to approximately $31,000. We've been trading this range essentially all year, with price first reaching these levels back in March 2023. At the top of the range, we have a Bearish Order Block, stretching from $29.5K to $31.8K. At the bottom of the range, we have a Demand Zone from $24.8K to $25.8K...

CrackingCryptocurrency

Ethereum is also in a range, similar to Bitcoin, but a harder to identify and define range. Nevertheless, we can see that ETH has driven down into a Demand Zone, and after filling Bids price is now attempting to break above local resistance, with what appears to be success. Waddah Attar Explosion and Mynx technical indicators confirm the breakout attempt, so I...

CrackingCryptocurrency

XRP is an interesting asset to watch, following it's crazy pump back in July of this year. XRP's price has been relentlessly swatted down from a Fair Value Gap Zone between $0.5371 and $0.5578. This Fair Value Gap was created all the way back in May of 2022 during the market-wide selloff. We can see very cleary that everytime XRP's price comes up into that...

CrackingCryptocurrency

Bitcoin has been remarkably bullish this year since establish our bear market low following the collapse of FTX. We've been in a steady uptrend ever since, with a nice bout of expansion from January to March of this year. Since then, we've essentially been range bound with a bullish hue. Two weeks ago we made a new yearly high, and are currently consolidating...