- BTC rallies dragging alts up with - Becomes saturated with high levs and increased funding - Sell off to rinse levs but scares new participants leading to larger sell off - BTC finds strong support, grinds up and prepares for the big rally through October - What if? Zhupercycle: BTC -> Majors -> Alts/DeFi
- Check previous TA on LINKUSDT - Bounced perfectly off the key ranging level (yellow box) after testing $10.5 again - Continous projection along the upward trendline - Strong bullish signal if it can close within the "golden pocket" (above 0.146 fib level) - Note that money will be transitioning into ALTS and DeFi - Use ETH/BTC as a gauge for the transition in...
- ETH has consistently been respecting key fib levels as well as printing higher highs and higher lows. - Continuous bullish validation through the reclaim of the upward trendline. - Rejected at the resistance of approx. $637 almost perfectly. - Hoping the drawn-out scenario plays out for more accumulation around the yellow box range area. - Overall, ETH has...
- Bullish bias still valid - Potential shakeout - On a strong fib (0.5) support at $10.2 - Expected sideway action range $10 - $12 - Wait to see PA, could range up to 0.414 fib level and retest current levels - Ideally, we want to see S/R flip on 0.414 fib level - Don't like how the 200 EMA was nuked through - Could see another leg down but most ALTS are just...
- Continuation of Uptrend - ABC correction completed - Funding flat
VERDICT: 3/5 Trade Set up - 4hr closed above the cloud. - Bounce of respective fib levels as well. - 1hr bouncing of the conversion line (BLUE) - Could potentially be forming a TK cross (Bullish) - If closes above 0.16, could see movements ranging from 0.158 - 0.168 - Funding rate flat