marcusdw1

marcusdw1

ETH is continuing its relentless climb up. It has been holding this trend now since the 1st October and is now comfortably above its previous all-time high. We had an important wick down on the 6th to re-test the previous all-time high, as well as the existing trend. Bulls were quick to rally and price has been moving up ever since. With BTC looking strong on the...

marcusdw1

BTC continues to consolidate between $60K - $63600. At this point, there is no trend in place (see ADX) and we are just sitting around waiting for something to happen. There is a higher probability that price will break to the upside as this consolidation (at the previous all-time high) is usually bullish, The spring is compressing and the breakout should be...

marcusdw1

BTC is currently in a downtrend against the rest of the market, both in the long and short time frames. It's worth noting that the price is at previous resistance (multiple points) and is reacting to this level. A reversal is possible but there is no clarity as to which way the price will move from here. The ADX is showing no significant trend is currently...

marcusdw1

ETH continues to show greater strength than BTC. RSI continues to rise and at this point there is no sign of this reversing.

marcusdw1

ETH is continuing its long strong grind upward. It has recently broken out from a "cup and saucer" pattern (bright blue hand-drawn line), so the measured target price from here would be $6400 (fat orange vertical lines). This also sits exactly on the 1.786 Fib line. RSI is holding up nicely and I'm expecting continued upside at this point.

marcusdw1

BTC has produced a strong green candle moving up out of the demand zone with commitment. This zone has been tested now multiple times and it appears the sellers are becoming exhausted. I'm looking for a breakout to new highs in the short term (days not weeks), but be careful here with your stop losses. There will be a lot of traders looking to take long positions...

marcusdw1

BNB is setting up for some good progress to higher price levels. It has broken out of a recent triangle pattern and then came back to retest the upper resistance turning it into support. There is little resistance now above it until it reaches its previous all-time high. I would however expect to see some reaction at the 0.786 Fib level which is really the only...

marcusdw1

BTC continues to fade against the altcoins. It feels like poor old BTC has been under siege for some time. The first wave was the layer 1 protocols which inflicted some damage on BTC dominance, and more recently the gaming tokens have stepped up to deal BTC a few lessons on what a pump looks like. It's not only the gaming tokens though. There have been random...

marcusdw1

ETH continues to hold the short term up trend against BTC. I've zoomed out on this chart to show what my long term thesis is for this relationship. We have been in a long consolidation pattern (triangle) which I'm viewing as a continuation pattern of the up trend for ETH over BTC. An approximate price target measure from the flag poll would see ETH being worth...

marcusdw1

With both ETH and BTC sitting close to all-time highs we are seeing a "quiet before the storm" scenario. Trading volume is low and few are willing to commit to new positions. Both buyers and sellers are poised, waiting for a clear signal that the market is going up or down. ETH is sitting comfortably above all lines of support and resistance except for the...

marcusdw1

It's good to regularly zoom out on a chart to get a better understanding of what's happening in the wider scheme. Looking at this chart we can see that we have had a very strong move up from the corrective low and she just needed to cool off a little. In the past few weeks BTC has been trading in a range between $60K and $67K. All attempts to break down from this...

marcusdw1

ETH is clearly in a local uptrend inside a longer consolidation triangle. RSI is strengthening showing ETH commitment to the move. I'll be looking for a reaction to the top trend line of the consolidation triangle when it gets there. Will it break through or will it reverse and let BTC have another go at running the show. Only time will tell.

marcusdw1

ETh, somebody stop it! No wait don't. ETH has been so strong in the last week during this period where BTC has been in a short term correction. ETH literally only stepped out of it's uptrend for a day before being launched straight back into it. When it broke down it fell on three converging lines of support. 1. The top of the consolidation triangle (thick yellow...

marcusdw1

In a particularly bullish fashion the buyers have stepped in and not only halted the price fall, but managed to turn the tables on the bears and drive the price back up above the high of the previous day. We have not yet broken the short term down trend line, however with ETH managing to hit a new all time time I think it wont be long. Could we see ETH finally...

marcusdw1

ETH remains dominant over BTC. There is some see-sawing from day to day but overall ETH is still making progress over BTC. What will happen to the end of this correction I don't know, but if I had to guess I would say that L1 blockchains and DEFI will explode.

marcusdw1

TA wise there is a lot going on with ETH at the moment. My apologies that the chart is starting to look messy, but I feel like I need everything to remain there as all notations are relevant. Most significantly, since yesterday ETH has broken down out of the uptrend it's been trading in. It immediately found support on the top trend line of the longer-term...

marcusdw1

Momentum is clearly in favour of the bears now with BTC breaking down out of the demand zone we were sitting in yesterday. Price is currently consolidating just below the demand zone (visible on lower time frames), but I suspect it won't hold. If the downtrend continues the next target is around $57500, then $54000 and finally if that doesn't hold $48000. We...

marcusdw1

BTC continues to lose dominance over the altcoins. This is mostly driven by the layer 1 projects currently having a bit of a party on their own. This is likely to change rapidly if BTC loses it's current support and falls to the next level of demand. The booze will have run out and the party will be over for the layer 1s ... anyone still holding will likely wake...