Market Update: Altcoins Edition

Strength Persists

Positive Trends

Since the last update things are looking positive overall, and it was another highly successful week of trading. Despite that, market sentiment remains neutral to slightly negative, with the crypto fear & greed index currently reading 49/100. Let’s dive into the charts!

Bitcoin 1D Chart

Last update I mentioned the importance of holding 59k area. The move has played out perfectly, with Thursday’s candle bouncing off that support and moving all the way up to test the 200DMA. Ideally bulls want to see a close above the 200DMA in the next few days. However a word of caution because the closer we get to the diagonal, the more careful we need to get. The 66k trend-line has smacked the price down each and every time it’s been tested, going back to March. You may have noticed I did adjust this trend line, as I previously had it going through 68k but this is a more conservative way to draw it. Remember charts are subjective and there are multiple different ways to draw lines, but I changed my mind after looking at things a little more closely. However 66-68k is the area I’ll be looking to heavily de-risk. Can always pivot on a clean breakout, but that’s my strategy for now.

TOTAL3 1D Chart

Last update we’d come down to retest the trend line of the breakout on TOTAL3 market cap. I stated that the chart was still looking decent at that point, and that I’d be looking for a flip of the grey box. We’re currently testing the underside of it now, so this is going to be an important next few days. However I’m leaning 70/30 that we see this flip sometime in the next week or so. The good news is the last retest also set a higher low.

OTHERS 12H Chart

Nothing has changed with my outlook on this chart. In fact, the resolve has grown stronger. We now have a 50/200MA golden cross, with both MAs now above the trend line. Flip 225B and it’s lights out for the altcoin bears.

OTHERS.D 12H Chart

Altcoin dominance still looks great as long as it continues to act above 9.95%. Again we’re looking for that flip of 10.5% to signal full bull mode on altcoins.

And that’s a wrap! I’m trying to keep these short and sweet from now on. Thanks for reading and happy trading.