NEW BITCOIN ALL-TIME HIGH
Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.
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.
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.
$40 holding up as support for DOT which maintains the same target of $50 next – followed by price discovery.
No changes to SNX with interesting once again arising at one of the following conditions:
- $7.50 test
- $14.10 weekly reclaim
No changes, interest at:
- $5.75 test
- $11.50 weekly reclaim
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.
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.
$4.90 as resistance indicates that $3 is still next unless reclaimed.
Breakout from the [$50-$60] range which now sets the stage up for a run into price discovery once again wit a $100 target.
For further upside, $21.50 must get reclaimed.