Hello and welcome to another article. In this article, I'll be going over the recent price action of BTC, BAT, BNB and ETH. We've been having some fun price action on all of them, so I decided to let everyone see what's really going on.
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Since my last price analysis, BTC has crossed the all too important liquidity pool that has held it back for months at this point.
BTC had a powerful monthly close, it's first monthly close above 10500 since February. That's a big milestone, and is the beginning of the new bull market for bitcoin.
However, all isn't rosy just yet. Bitcoin still has the 12k resistance to contend with, and there's equally another huge liquidity pool right above it. We should see a small pullback when BTC hits 12k later on.
BTC has yet to test the liquidity pool it left behind, so we should be testing that very soon. I feel that the pullback will lead us to that pool, after which we can continue with more momentum towards 13k(the best liquidity pool), and possibly beyond.
However, if the retest of 10750 doesn't hold, and we break down from there, there's the possibility of retesting 9.8k again. This retest should be bought up really fast, and we shouldn't have any problems there.
ETH paints a similar picture. To be honest, its chart looks like a proper shitcoin chart.
In the last price analysis, I stated that I expected ETH to pull back to retest that demand zone before continuing up. Boy, how wrong I was!
The momentum of this beast is immense, and I believe that once 360 is cleared, 400 is next without question. However, there are a few caveats.
First, we have to clear $360 first. $360 was a strong support level, and now should act as an equally strong resistance. Kind of like 10.5k with Bitcoin.
Ethereum has been leading bitcoin all through this bull run they both have been having, and I really like to see Ether break free of Bitcoin's toxic chains. However, I feel that this pump is being fueled by the sudden madness going on with Uniswap shit tokens. Might be fun to see after all this dies down.
A daily close above $400 would be the start of alt season in my opinion. Ether led the last alt season. It may very well lead this one.
We are currently at a resistance point. Lots of selling pressure anywhere above that resistance, possibly from bag holders. The moving averages are about to have a golden cross however, which is something I am really intrigued by.
Notice that the resistance level is within a liquidity pool. This not only makes this resistance level interesting and important, but also makes the fact that there's selling above it interesting.
At some point, the bag holders would have run out of things to sell, and price would be free of this toxic area. However, we need to clear the resistance first.
BNB would be fueled by the fact that they'd be switching to DeFi soon. In fact, BNB is listed as a defi coin on Coinmarketcap. Lots of IEOs as well coming from Binance. We should see a decent run from BNB soon.
My favourite coin, because of how much of it I currently hold. I bought an unhealthy amount of BAT on the March dip on 10x leverage, and I still hold some till now.
BAT has had a wonderful ascending channel since March, which was broken at the point indicated by the arrow. It has now acted as resistance in the area highlighted in grey.
I am still sitting pretty in my BATUSD short, which is doing rather well. However, I feel a change of bias would be coming soon so CE it's trying to reclaim the trend line.
If you recall from my last price analysis, I said that this might simply be a range deviation from the trendline, and I really hope that narrative is the case, mostly because of my big leveraged bags.🤓
The case is unfortunately still bearish for BAT.
Thanks for reading! I hope you enjoyed this article, because I really enjoyed writing it.
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