BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more sideways consolidation. We will be looking for shorts in AltCoins if we see price rise in the range of 44-46k as indicated in the green orderblock in the chart.
BTC.d. Seems like price broke out of the downward trend, indicating the end of the alt season. We aren’t expecting to long until BTCUSDT closes above 46k. Altcoins will suffer more than bitcoin, this further affirms our shorting strategy for altcoins.
ETHUSDT. We’re seeing the price trend down, correlating with BTCUSDT. Price seems overextended so we’ll avoid trying to catch a knife. If the price bounces back to the baseline we might short around 35k, depending on what BTC is doing, for now we’ll sit on our hands.
ETHBTC. Regarding ETHBTC, price is close to testing support at 0.055 BTC. If it holds support we might see a bounce back to the baseline on ETHUSDT for our short but for now the same story applies, we will sit on our hands.
TOTAL. Closed below the baseline on the 12th of may indicating that we should stay out of the market for longs. On the weekly chart it is bound to close under the baseline today indicating that the market will be more bearish in the coming months. The coming months might be a good time to start looking for long-term holding/investment opportunities.
TOTAL2. Regarding TOTAL2, the same story applies here too, we’re observing the price closing below the baseline on the 17th of may, altcoins performed better than bitcoin but the chart is indicating that we shouldn’t long altcoins for now.
MIDPERP. There seems to be alot of similarities across the charts, we’re getting an exit signal on the 10th of may which served as a good point to exit our longer term holdings on the bigger AltCoins (MidCoins). For now we expect more downtrend since we broke out of the green orderblock depicted in the chart.
SHITPERP. Regarding SHITPERP, the chart shows a nice double-top pattern, the shitcoins couldn’t close above the green orderblock depicted on the chart which formed on the 16th of april, the shitcoins gave in to the bearish pressure of bitcoin.
USDT.dom. After forming a head and shoulders pattern depicted on the chart, USDT dominance broke out of the pre-existing range on the 17th of may, starting the more bearish movement on the rest of the market.
DXY. Regarding DXY, the global markets are still within the range indicated in the chart, if the DXY holds current support, then we will see a downwards movement across the global market. It might be the case the crypto is foreshadowing global market movements.
Our impression is bearish but we are overextended, we expect a pullback to resistance but we don’t know when. However, at this resistance we will start to look for shorts. For the time being we will sit on our hands and let this market correction play out. There will be plenty of opportunities to get in again so don’t FOMO take over. In the short term we will look for shorts and in the longer term we will start growing-out investment holdings.
This weekly TA was made by the TrendTracers analysts, if you are interested feel free to join our Discord community here: https://trendtracers.com/