Technical Analysis
Good Morning!
What a week!
Bitcoin BTC$ (4h)
19k is a tough nut to crack for Bitcoin. Plenty of offers on different trading venues have started popping up around that level (see image below).
In terms of the support level: I see 17.5k to be crucial. We consolidated there for a while, but also dipped down and saw some aggressive buying immediately after. In addition to this, we are seeing a bit of a liquidity vacuum between 17.5k and 15.5k.
There are some indicators, e.g. perpetual funding levels and the term basis, that traders are starting to discuss. I think it makes sense to start watching out for additional warning signs if you are running a highly leveraged long position.
Ethereum ETH$ (4h)
Massive performance: typical beast mode. I am pretty sure this is driven by the large inflows into the ETH2.0 deposit contract. We are over 90% now in terms of hitting the trigger to initiate phase0.
Due to the fact that we will probably go live with ETH2.0 on December 1st, I am expecting the ETH$ price to cool off a bit. Traders piled into the ETH rally because they believed that the ETH2.0 kickoff was not priced properly. Now, it is almost certain that it will happen. In my mind, the risk is therefore now bigger that a delay or some other issue will push the ETH$ price down.
Ethereum/Bitcoin ETHBTC (4h)
What a killer move. It is interesting to see how large the price volume was around 0.02650 before it spiked. It was almost like a coordinated buying attack by some whales.
My guess was that we would consolidate between 0.031 and 0.033, but yesterday's move even overshot that upper band level. I still think we will consolidate to a certain extent around the 0.033 level.
AAVE$ (4h)
We started to top out at around $83. The Ichimoku cloud is starting to provide some initial support (the upper band).
Things are looking bullish to me above $73, and I am expecting another run up to the ATH of $90. If we break into the Ichimoku cloud, I think we will correct further down towards $61.
COMP$ (4h)
It played hard ball with me and taught me a lesson. In crypto, you really have to give your stop-loss level enough room, especially when the market is in motion (volatile).
We just briefly dipped below 109, but recovered quickly. The bullish wave structure is still in place, and the stop is still around $110 (with plenty of room...).
LINK$ (4h)
Well... here we go. $13.75 broke to the upside, and up we went. If you caught the move, stay long as long we stay above $13.75.
SOL$ (4h)
Still... $2.50 needs to break to turn me bullish.
SNX$ (4h)
This one played nicely. We broke the $4.50-$4.80 resistance, and moved up pretty quickly to the $5.50 area. Currently, some consolidation is taking place.
Maybe it is time to take some profit. I am looking to cash in roughly 50% of my position. Stop for the rest, if we trade below the $4.50 level.
YFI$ (4h)
We pushed through and retested twice. This is definitely an important level to watch for longs, but also for everyone who want to play it from the short side. Volatility is very high for this coin, which makes it a perfect "beast": scalp it intraday on leverage.
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