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#Altcoins tried to make a big breakout move last month, but weakness from Bitcoin resulted to this huge pullback.
Most TOTAL charts show the same result to what happened and where the market faced resistance
This still remains a good buying opportunity on a long term timeframe!
#TOTAL3 lost its August–September breakout above $767B and $800B, printing 6 straight red weekly candles. It's now trading around $700B.
Long term this zone could be a good place to accumulate strong altcoins, but weekly closes at $660B or below would be a warning sign.
A reclaim of $767B brings momentum back, while a loss of $660B likely means a new leg down. Let the weekly close confirm first!
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Sakis retweeted
$SEI saw a big rally toward the $0.086–$0.095 zone but got rejected hard, and the pullback sent it back through $0.05 after 6 red weekly candles.
Now all eyes are on $0.03940. We expect a bottom to start forming here as long as Bitcoin doesn't make a major move lower.
A weekly close below $0.03940 would signal major weakness. Hold it and the base building scenario stays alive!
If this selling pressure continues on $BTC it could result to key levels being lost
A move lower will take out all the over leveraged traders and will make a stronger move higher when it finds the bottom
Until we see the next move clearly caution is advised when trading!
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Not knowing how correlations work in the #Crypto market can lead to over risking without even knowing it!
Bitcoin usually moves the whole market taking most altcoins with it, so thinking you are diversified by buying more coins can sometimes be wrong
Correct diversification most of the time it also needs proper knowledge of market correlations.
Most altcoins move with $BTC, so holding five coins can really be one big BTC trade in five different outfits. Checking correlations shows your true exposure.
Correlation also works as a confirmation tool. Watch how BTC reacts to the DXY, the S&P 500, and BTC dominance before trusting an altcoin setup.
Correlations aren't fixed and tend to spike during sell offs, so use them as one tool alongside your levels and risk management.
New weekly $BTC analysis was just posted, showing in depth what is likely to come the next weeks
After 5 consecutive red weekly candles for Bitcoin it's possible we could start to see a bottom forming soon
The news headlines will play a major role for the markets as a whole
#Bitcoin was rejected at $80,620 this week and pulled back, stopping just above the $74,500 support.
Today will most likely mark the 5th consecutive red weekly close, which often signals a potential bottom is near. Expect choppy weeks ahead, with a move below $74,500 very likely.
CPI & PPI data this week should bring extra volatility!
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Bitcoin tried to reclaim the range but faced strong rejection and might continue lower from here
A short term bounce could come for $BTC before any continuation lower but with high volatility, so any high leverage trading should be done with caution!
$BTC ended up losing the support with the recent Binance hack, and now we need to see how the weekly closes.
A further pullback towards $74,000 is likely to come, but it could also frontrun that level and move higher from here!
Be patient in the market in this area during these times of uncertainty
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Sakis retweeted
NDX/WM2NS formed a double top at the ATH and closed the week below last year's ATH, which failed to hold as support this time
Next week, watch for a retest from below as resistance. Another rejection likely leads to a further pullback, while a strong weekly reclaim keeps it consolidating under the ATH
A deeper drop would mean weaker tech leadership and added pressure on risk assets, including #Crypto!
The markets are already very volatile any unexpected news will only add to that volatiltiy!
If these news come out bullish or neutral we could see a short term relief pump for the markets, otherwise the drop could continue
🚨 REMINDER
US unemployment data coming today at 8:30 AM ET.
Expectations: 4.2%
Three scenarios:
• If unemployment > 4.2%, we pump, as rate hike odds will drop.
• If unemployment = 4.2%, we slightly pump.
• If unemployment < 4.2%, we dump, as rate hike odds will rise.
Expect volatility.
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Sakis retweeted
#Bitcoin lost the $80,620 level on both the weekly and monthly charts. October closed around $77,500 and the weekly closed at $80,000.
The key level to watch now is $74,500. Holding it keeps the door open for a move higher, while losing it puts $69,000 in play.
The US midterms hit next week, so caution is advised when trading!
$BTC ended up losing the support with the recent Binance hack, and now we need to see how the weekly closes.
A further pullback towards $74,000 is likely to come, but it could also frontrun that level and move higher from here!
Be patient in the market in this area during these times of uncertainty
Sakis retweeted
The bullish scenario from August played out. We got the weekly and monthly closes above $72,440, and $BTC pushed up into the $82,820 resistance.
October brought a rejection and pullback from that level, but the weekly structure still looks like a cycle bottom is in.
Until we see a new ATH, we're treating every higher timeframe pullback as a buying opportunity.
We’re watching two main scenarios for $BTC. Reclaiming $67,000 and holding it could open the way toward $72,000 and confirm that the bottom is likely in!
If $67,000 remains resistance, $BTC could eventually make a new low below $57,730, with the $49,000 area being our worst case zone and a potential long term buying opportunity!
For now, sub $67,000 levels remain interesting for DCA, but macro and geopolitical developments could heavily influence what comes next.
A short term bounce might come to try and save the monthly and weekly closes, but we remain in an uncertain period!
Volatility might remain high during this weekend, and will take out more traders that over leverage.
After the monthly close we will have a more clear picture of what might come during the US midterms
$BTC tapped its 100D MA level, while the RSI is approaching oversold territory.
Looks like the bottom is close.
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Important day for the markets today, despite not having a clear picture yet of what could come.
The market still believes that rate hikes could come in December, but until then this will likely change and benefit the markets!
The Fed held rates at 3.75%–4.00% as expected, but two members voted for a 25bps hike, so inflation worries are still alive.
Warsh said inflation remains too high and gave no firm guidance on December, calling the period information rich.
Short term, expect volatility. Long term, a strong economy and a patient Fed could bring rallies back if inflation cools!
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Bitcoin price has managed to barely hold the 80k zone, and depending on what happens the next days with the geopolitical news and the FOMC we will see the next breakout move.
A full update was posted on the free channel, showing in-depth the next possible scenarios we are waiting for
$BTC made a move close to $79,000 but so far managed to reclaim the support level.
If the daily holds above 80.5k it might make a short term bounce towards 82k, but it's now at a very crucial point.
The next days will likely be very volatile so be careful for any fakeout moves!
Sakis retweeted
$BNB reclaimed the $660-$700 zone and pushed up to $790, where it faced rejection over the past few weeks.
Price has since bounced just above $700. If the bounce continues, a retest of $790 is likely. If it falls back into the zone, expect consolidation.
Bitcoin's next move will heavily influence which scenario plays out!
Crucial signal for #Bitcoin, but do not assume it will mark the bottom again.
Use multiple factors when judging when a major move is coming, never depend on a single indicator!
From the looks of it if a short term bottom is near will depend on the upcoming FOMC meeting and what is stated there, as long as 80k can hold on the daily
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Sakis retweeted
Every trend runs out of steam eventually, and the signs show up before price turns. Don't buy the top.
Watch for fading volume while price keeps climbing. Fewer traders backing the move is an early warning!
Also look for failed breakouts and lower highs. No single signal is a guarantee, so wait for two or three to line up before you act.
The next breakout move is near for $BTC price, and will likely trap most traders in the market
The consolidation zone mentioned the past days is still holding on the daily timeframe, and the next days it will likely break
News headlines might determine on which side the breakout happens!
$BTC weekly close came in around $82,000, and this week's push above $84,000 failed. Price is now retesting the $80,620 support again.
A busy news week is ahead, with the FOMC meeting and the Fed rate decision in focus. Rates are expected to stay unchanged.
A breakdown below $80,620 or a breakout above $84,000 will show us the next direction.
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$BTC made a move close to $79,000 but so far managed to reclaim the support level.
If the daily holds above 80.5k it might make a short term bounce towards 82k, but it's now at a very crucial point.
The next days will likely be very volatile so be careful for any fakeout moves!
Bitcoin ended up facing strong rejection at the 84k resistance and made a pullback all the way to 81k again.
This is a bad first sign since the 84k level was not reclaimed and a big pullback followed, but let's see how this daily closes and how the weekly ends up closing
This short term dump could end up being fake so better wait for confirmation outside this zone
