Welcome to Weekly Technicals Pro where we analyse various crypto assets on the weekly timeframe to depict the most probable outcomes over the mid-term.
Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your full responsibility and only you are accountable for the results.
The sentiment is currently sitting at Extreme Fear. Historically, buyers during extreme fear sentiment in the 10s have ended up being profitable.
Total Market Cap
The Total MCap has broken under $2.45T which sets the stage for two key levels: $1.75T & $2T – both of which are likely to be tested before further upside.
Altcoins’ Market Cap
The Alts MCap is in a similar boat where it is now back in a range starting from $1.115T to $1.5T. The breakout from this range will tell us where the market heads to next in its upcoming leg.
Bitcoin has seen an invalidated breakout to ATHs and now $57,000 & $60,000 have turned into resistance. In terms of supports, there are two, one of which has already been tested: $40,000 & $45,000.
Perhaps the most surprising chart of all the market-wide correction has not broken the structure for ETH. The ATH breakout and retest remains fully valid as long as $3,930 holds as support for ETH on the weekly timeframe.
Ever since DOT broke $40, $28 became the next logical target which has now been achieved.
SNX has registered a new low which is of course not a positive development for price. Currently, price is back in the [$5.50-$7.50] range so we’ll have to monitor and check how it resolves.
RUNE invalidated the breakout into bullish territory multiple weeks ago and the assumption since price broke under was “chop & drop” which has been seen here.
The only other asset besides ETH to have maintained the bullish market structure consisting of higher highs and higher lows.
SRM has broken $4.50 which opened up the door to $3.79 and wicks down towards $3 are on the cards here.
MINA has broken down from the consolidation which puts the next level on the weekly at $2.20.
FTT held $40 thus far, if that breaks then a test of $25 would be on the cards, otherwise $50 is still on.
DYDX has opened up the door to downside price discovery. We’ll be intrigued to enter longs once the market structure starts stabilising and starts to create higher highs and higher lows.