Hello and welcome to another price analysis!
I've been gone for a week for family stuff, and I'm (partly) back now!
A lot has happened between the time I left and now. Obviously, the DeFi craze has slowed down a bit, and Bitcoin has paused its moon mission.
However, all hope is not lost. Let's see what's going on in the markets.
BTW: I did warn everyone to not touch alts. I hope you listened, and didn't lose money!
Ae unexpected as this is, I did give an update saying the equal lows would not hold.
And true to my word, they didn't. But I didn't expect this amount of selling pressure.
I was able to enter a short at 12k, but closed it prematurely at 11k. BTC tapped 9750 shortly after.
The issue is that BTC is trying frantically to fill the 9600CME gap. That gap had been a burden for a while now, and the bull run won't continue without it being filled.
Once the gap is filled, the bull run can commence in earnest, but for now, the priority is downwards.
We're at daily demand right now, but the bounces are extremely weak and getting weaker. A breakdown and retest of demand would be an awesome place to take a high RR short, given that the priority is predominantly downwards.
I won't favour any longs for now, however, I will leave a *small limit buy* at 9600 for when we fill that CME gap.
The DeFi craze was the primary fuel for this one's run, and it shows. Once the fuel is removed, the fire starts dwindling.
It doesn't help that ETH is strongly correlated to BTC either. It's down moves haven't been as drastic however, but that was a very weak bounce from support.
I believe the priority for this one is also downwards, and I will begin to scale into shorts on a break and retest of the yellow line.
BNB was supposed to be on a mission to hell, but a timely update saved it.
You can now stake BNB for a very high APR, and of course everyone wanted to buy some to being staking. Hence the mini pump.
As we can see, BNB broke the support and retested it cleanly, but all of a sudden started pumping inorganically. Once the staking craze dies down, the downward journey would be resumed.
However, for now, the priority is upwards for BNB. I'll be looking for longs.
BAT has had a rough couple of months. And with all the bitcoin problems looming, I won't touch BAT or any alts personally.
I however do have an analysis for it.
BAT is at a turning point now. I have outlined the two possible scenarios that can occur.
Either BAT moves downward, retests the line and then continues up, or moves downwards, breaks the line and continues down. With th current BTC movements, I'd say the latter is more probable.
As always, don't blindly follow my analysis! DYOR and I'm not responsible for what you do with this information.
Thanks for reading!