Technical Analysis
Good Morning!
Let's go straight to the charts!
BTC$ (daily)
There wasn’t much progress in terms of price this week, but we did see a healthy consolidation near the recent highs. The daily range is well defined between $10.5k and $12k, as is the tactical trading strategy: buy the dips as long as we stay above $10.5k, and chase the breakout when the daily close is above $12k.
ETH$ (daily)
The picture here is the same as it is for BTC$. There is a nice consolidation near the highs. The relevant levels for the bulls: the most recent intraday low of around $360 and the important support zone around $290-$300. On the topside, a daily close above $400 should pave the way for the next leg up.
ETHBTC (daily)
As expected, the resistance at 0.0350 proved to be a tough one and the cross is taking a breath. I wouldn’t be surprised to see a fast dip down into the 0.0300 region, which should act as a strong support. A daily close above 0.0350 would open up the possibility for the next leg up to 0.0400.
ALTPERP$ (daily)
We are seeing the same consolidation picture in the Alt Index. The $680 level should act as a strong support, whereas a close above $800 could push the index towards highs around $950.
MIDPERP$ (daily)
We are seeing an entirely different picture in the Mid Index. It continues to push higher, setting new all-time highs on a daily basis (note: the index launched in July 2019). If you intend to buy the dips, $800 and $880 are the regions to do so in.
SHITPERP (daily)
The story is the same but stronger in the Shit Index. Just let it run…
DEFIPERP (4h)
You like things even more extreme? The Defi Index is still profiting from the recent DeFi hype. This index is in a very strong uptrend with a clearly defined support based on closing prices. I would exit any longs with a close below the trendline.
