Chart made with WETH as USDT chart has very less data.
Reminder to check performance here w.r.t to WETH and take buy/sell calls (?)
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As for some basic info:
-A game that actually looks good
-No tokens locked - all are circulating
-Actual Mcap is $10million as of 28/01/2023 - unlike $3mil as most tools show
Break above $1600 should signal strong upward momentum
Marked are S/R zones:
Purple - Based on volume profile
Fibonacci Retracement levels
Key levels to watch out for:
$1600
$1750
$1950
$2300
1)
Parallel channel in BLUE drawn from '17 & '21 Tops
Price going above the bottom of channel has resulted in Macro Reversals so far
2)
Green Channels drawn for '21-'22 tops & bottoms of rally - BUT the channels had been drawn with priority to middle of channel acting as a major S/R level
3)
Price breaking through $22.7k should take it:
Above '22 down trend...
Key takeaways:
1)
Breakthrough down trend, preferably re-test and convert it to support
2)
Major S/R levels at
$28k
$35.5k
$41.8k
3)
Watch out for the dotted mid-level of parallel channel to be a resistance,
price should meet it at around $35.5k
4)
Price going into $18k-$16k is RISKY TERRITORY as it is a strong S/R level
Close below $16k would be bad...
Key aspects of chart:
1) Fib levels marked w.r.t. 2018 bear play well with the 2021-22 trend
2) 2022 Down trend gives us a major S/R zone to look out for
3) Take purple parallel channels with a grain of salt
A draw down to S/R zone at $3.4 level seems likely
Crypto having matured, is being effected by the U.S. stock market much more than previous cycles, wednesday's CPI announcement from the U.S. will decide the near/mid-term trend for BTC and most of the market.
If there is a bounce, and a resumption of a bull run - expect fan tokens to give outsized returns.
BTC Daily
Price is currently ranging / fighting a long standing(historic) trendline -- indicated by the yellow dotted line
It was a strong S/R level in the '19 run and also since Dec'20 - so ranging because of such a resistance is possible, but:
Confluence:
RSI
We see RSI breach into overbought territory(whiteox) when the trend attempts to take the previous...
BTC 4H
Price is currently fighting a long standing(historic) trendline.
(This chart will be further explained in chart.2/3.
Confluence:
Both RSI & MACD are in a longterm ascending triangle. Withe trend on MACD grazing the lower line.
If the buying pressure sustains, the indicators RSI & MACD should breach the triangles between the 22nd & 25th of october -...
1.
Parallel channels drawn between key points of bull run tops & bear market bottoms indicate parallel ranges in which $BTC has been playing in
2.
Fib retracement drawn from 2013 top to the next bottom shows corrections during the next ralley around Fib 2.6 & 4.2 regions
Fib levels drawn from 2017 top to the next bottom also show the fib ranges in which $BTC has...
$BTC seems to need another healthy correction before resuming a possible final leg of the bull run, wave 5.
$43k is a good S/R level - a possible breakdown from there should take it to $37k area or even lower to $35.5k -> range indicated by yellow flag
Avalanche ( $AVAX ) - has been around for just a year, but has a very strong team lead by Emin Gün Sirer, who notably discovered a key flaw in $BTC - 'Selfish-mining'.
Avalanche's is building an entirely new system of protocols, with an aim to raise entire ecosystems around it. This project holds a lot of promise fundamentals wise.
...................
To the...
Since its last ATH on 14th of april, BTC has been in a downtrend indicated by the main channel.
It has been in 3 sequential, parallel channels within this downtrend, including the bloodshed on the 19th of may - post which it has moved into somewhat of a symmetrical triangle and just seems to be breaking out of it.
A strong move out of the triangle formation to...
![BTCUSDT: Interesting confluence on BTC* - Chart.2/3.[HTF]](https://s3.tradingview.com/p/PMUVpa3y_mid.png "Interesting confluence on BTC* - Chart.2/3.[HTF]")
![BTCUSDT: Interesting confluence on BTC* - Chart.1/3.[MTF]](https://s3.tradingview.com/j/jVtjFL4j_mid.png "Interesting confluence on BTC* - Chart.1/3.[MTF]")
