Multi Format Thursday – Volume 13

NEW BITCOIN ALL-TIME HIGH

Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.

Bitcoin

Bitcoin has officially entered into price discovery. Though we saw a surge in funding rate indicating a rapid increase in leveraged longs which were the most probable cause for the recent dip back towards the April 2021 high. On the daily timeframe, BTC has support at $63,750.

Ether

ETH has rallied perfectly from $3,200 towards $4,200 and rejected the resistance. We’ll need to see a new daily highly closure before talking about price discovery – nonetheless it isn’t too far away and we do expect it within the quarter.

DOT

$40 holding up as support for DOT which maintains the same target of $50 next – followed by price discovery.

SNX

No changes to SNX with interesting once again arising at one of the following conditions:

  • $7.50 test
  • $14.10 weekly reclaim

RUNE

No changes, interest at:

  • $5.75 test
  • $11.50 weekly reclaim

SOL

Great performance by SOL relative to the rest of the market which is setting it up for a test of $200. Things get heated and very bullish once again is the latter is broken, then the doors to $300 would be next.

SRM

Incredibly boring price action as we await a $8.50 reclaim and until that happens we’re likely to see a test of $6.40.

MINA

$4.90 as resistance indicates that $3 is still next unless reclaimed.

FTT

Breakout from the [$50-$60] range which now sets the stage up for a run into price discovery once again wit a $100 target.

DYDX

For further upside, $21.50 must get reclaimed.

 

 

Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your full responsibility.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

GET YOUR CRYPTO DAILY BRIEF

Delivered daily, straight to your inbox.