Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.
Bitcoin is still in “chop city” with price action ranging between [$39,500-$40,650] and $45,000. Market participants’ emotions are all over the place as each small movement is swaying their bias. The clarity comes once we see a breakout with one of the two options annotated on the chart – we attribute an ~70% chance of an upside breakout.
ETH is also in an indecisive place and definitely not in the clear given that $3,200 has not been reclaimed. Support also happens to be far at $2,5xx – which practically puts Ether in mid-air at this moment in time.
DOT reclaimed $27 on the daily timeframe which maintains the bias of $40 next.
SNX is underperforming against BTC and we can denote clear weakness in price, in addition to [$10.50-$11.10] acting as resistance. Larger odds of $7.50 being tested which would (likely) only happen if we see a test of $40,000 on BTC.
Similar weakness seen to SNX which tells us $5.75 is next.
SOL remains stuck in the same range with [$124-$130] as support and $150 as resistance.
SRM looking as weak as SNX and RUNE, upcoming support at $6.40.
We’ve seen a reclaim of $50 but still indecisive and back in the old [$50-$60] range.
MINA has $4.88 as resistance and ~$3 as support.
The market structure on DYDX remains bullish with the continuous creation of higher highs and higher lows, we’ll remain bullish on it in the short-term until that trend bends.