Are we going to make new local lows?
The boring stages of the market are still continuing. Crypto is literally doing nothing, but this is one of the most important times to be active in the market. Reason for that is, people are losing interest, markets are slowely bleeding towards the downside, but this brings the biggest opportunities. The biggest returns are made when nobody is showing interest in the market and not when your neighbor thinks he should get into the market. Looking at the chart, we can say that we are in this building period. We are trading sideways for months already. BTC dominance is rising and alts are heaving a really tough time. If you ask me, it is really important that Bitcoin is going to pick a side. In my opinion, we ar not in a so called manipulation phase at the moment, so I would be looking at lower prices for Bitcoin on the higher timeframe. In todays tradeletter we are going to discuss which levels I am going to look at if we get that drop.
The Market Pushes Snooze Again
Bitcoin has mainly remained flat since last week with only little ups and downs. With the push up on last week Tuesday hopes for an AMD pattern playing out were kindled briefly, but price has since dropped back under 29.5k$. For now the consolidation continues and a dip under the 50% fib retracement level (28 - 28.3k$) mentioned last week is as likely as a sudden start of an expansion to the upside (towards and beyond 31.8k$). On the daily timeframe there currently is not much we can do but wait for the market to pick a direction.
Altcoins are in Hibernation, when is the market waking UP?
The altcoins are still not moving at all, but some are waking up. Are we getting a new paradigm of meme coins trying to move markets?
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BTC is breaking out! Which levels should we keep an eye on?
The market is looking better and better, but where do the opportunities lie?
The Wait Could Soon be Over
Since the beginning of this year, BTC had impulsive moves to the upside, leaving people not already in longs far behind, then pullbacks from the highs to just under the 50% mark, scaring late longers out of their positions, and giving bears / people who missed out on the move up hope for even lower prices, just to start the next impulsive way from right under the 50% threshold. In March it was a fair value gap in the discount zone that marked the end of the pullback, after that in June it was a bullish order block in the discount zone. This time around we see a fairly large fair value gap higher up in the discount zone (just like in March). Based on this, if the strong / impulsive uptrend in BTC is to continue, I would not be surprised to get an accelerated move down towards 27.7 - 28.2k, then the next leg up towards 34k within the next couple of weeks.
Time to buy the dip on Altcoins?
In this update we'll focus on everything surrounding the altcoin markets. They have been suffering, but a select group of altcoins have been doing well, so are we expecting continuation on these assets?
Retail getting manipulated again?
Finally, some price movement in the cryptocurrency market. Prices went down, and we saw a classic sentiment switch, even though it wasn't really necessary. As I have discussed in previous trade letters, BTC is clearly in an uptrend, and we can drop quite a bit and still make a higher low. After dropping out of the range, we noticed that everyone thought we would go much lower again. As usual, many people have missed the recent move on BTC. In this trade letter, I will explain what is being done to manipulate retail traders and the levels we need to watch for further upward movement in the cryptocurrency market.
Strong Economy + Strong Stock Market = Weak Bitcoin?
Market sentiment seemed to receive a positive boost from a series of mostly favorable economic indicators, particularly related to inflation. On Friday, stocks opened with significant gains after news broke that the core (excluding food and energy) personal consumption expenditures (PCE) price index, which is the Fed's preferred inflation gauge, had risen (only) 0.2% in June, down from 0.3% in May. This resulted in a year-over-year increase of 4.1%, slightly lower than expected, and the slowest growth since September 2021. Additionally, the employment cost index, closely monitored due to concerns about wage inflation among policymakers, rose 1.0% in the second quarter, also falling below consensus and marking the smallest increase in two years. But unlike the strength in the stock market, Bitcoin remained weak.
Altcoins Awaiting Bitcoin Decision? Altcoin Friday!
The past week has been extremely boring on the markets, as Bitcoin didn't provide an upwards breakout. Apparently, confirmation needs to come from the King of crypto to make sure that altcoins are actually making that upwards move. What's next?