“Holy sh*t bears are f*cked”
-Rookie from Twitter-
Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.
Bitcoin has rallied from $40,000 to $55,000 in a matter of days and it is inching (more like sprinting) closer to our $57,000 target. The strength of the market is high which communicates a likely entrance into price discovery from Bitcoin this quarter.
As much as most people like to complicate things unnecessarily, ETH’s price action is relatively simple:
- Above $3,200 = $4,200 next
- Below $3,200 = [$2,500-$2,700] next
DOT is currently recouping the BTC underperformance from yesterday as BTC takes a breather. Still targeting $40 and awaiting parachain auctions to launch.
Boring price action from SNX which brings us to the fact that there are two areas where SNX becomes interesting:
- Test of $7.50 as a potential opportunity
- Weekly reclaim of $14.10 to re-enter bull territory
Similar to SNX in regards to “boring price action” especially as attention is on NFTs, BTC and Layer-1s. RUNE’s time will come, just like it was in Q2 202, but it just isn’t now. RUNE becomes interesting:
- $5.75 test as an opportunity
- Weekly reclaim of $11.50 as it re-enters bull territory
Holding $150 as support and targeting $200.
SRM is showing weakness over the short-term with its inability to hold $8.50 as support, this hints towards further downside to $6.40.
On track for the $5.70 target from the falling wedge formation.
Still in the same [$50-$60] range.
Back on track in regards to a bullish market structure, now awaiting a breakout from the new channel.