Market Overview + Technical Analysis #5
Content:
Market Overview-
The Current State of the Market ($BTC)
What to Expect Next? ($BTC)
Technical Analysis Review-
$XRP Technical Analysis
$LINK Technical Analysis
TOTAL Technical Analysis
Closing Thoughts
Market Overview-
The Current State of the Market ($BTC)
As a trader observing the market, I am amazed by the recent price movements of Bitcoin. Bitcoin has hit the 30k mark, which was way past people's expectations, and is showing potential to reach 32k as the price is slowly moving up. This rally is a strong indication of the market's growing interest in Bitcoin, and it is evident that investors are still bullish about its long-term prospects. With the current trend, we can expect further price movements in the coming days. The market seems to be responding positively to the increasing adoption of cryptocurrencies by large institutions and investors. As a trader, it is always exciting to see such significant price movements, and we should keep a close eye on Bitcoin's price to capitalize on any trading opportunities.
Figure A
2. What to Expect Next ($BTC)
It is worth noting that Bitcoin encountered an order block at the 30k range, which serves as a strong resistance level. This means that it may not break this level on the first attempt, but it is not impossible. If Bitcoin can continue its momentum to the upside, it has a good chance of breaching past 32k, which would be a significant resistance break on the chart for the cryptocurrency. Traders and investors should keep a close eye on the price movements around the 30k level and look for any signs of a breakout. A sustained bullish trend would be a positive indication that Bitcoin is gaining momentum and may continue to rise in value. However, it is essential to exercise caution and manage risks accordingly, as the cryptocurrency market is known for its volatility. Area’s of support remain at the 25k level.
Figure B
Technical Analysis Review-
$XRP Technical Analysis
At the time of writing this $XRP trades at $.51. The chart used below is from Bitstamp as it displays the full price action of $XRP for this technical review. XRP’s price continues to look extremely bullish. As we sit in a 1900+ day range, liquidity taken from both sides of the range(green box) and momentum finally gearing to the upside, we can probably expect a massive breakout soon. But have we already seen a breakout? Technically Yes. The break from .33 cents to .56 was a sign of strength and you can also see that on the RSI. I expect the bullish trend to continue to the upside. These factors makes me extremely bullish on XRP for the upcoming bull cycle.
Figure C
2. $LINK Technical Analysis
At the time of writing this $LINK trades at $7.98. The chart used below is from Coinbase as it displays the full price action of $LINK for this technical review. To preface this I want to disclose that I shared my thoughts on $LINK on June 22nd last year. In the article, I covered a good area to accumulate $LINK is around 3.5, but we haven’t reached that target. Like anything in life, we must adjust. Currently, I have been accumulating $LINK at current level, because it has found a strong base at this level. I believe this will perform exceptionally well over the next cycle.
Figure D
3. $TOTAL Technical Analysis
As shared in the previous market update which can be found here, we spoke about how $TOTAL was geared up to take us to the range low. We have finally reclaimed the low, and that means that the bottom of the market is in. While there may be some pullbacks, the move to the downside are down. Yes, it is time. I will have to advise that you need to put on your moon suits, and moon shoes. The range reclaims has signaled that the market has bottomed and lead us to $2.57 trillion in market cap in my opinion. Remember, things will never go in a straight line, the market makers want to trick you, therefore it won't be as simple as it sounds, but the reclaim is important just like how $BTC reclaimed the range low at 17.6k before going to 25k, and how $WOO reclaimed .14 before going to .28. (two examples of range reclaims that were shared in the last market update found here)
Figure E
Closing Thoughts
As a analyst in the crypto market, I am extremely bullish on its future prospects. I believe that cryptocurrencies will play a crucial role in reshaping the new financial system. The market is rapidly evolving, and we are witnessing an increasing adoption of cryptocurrencies by institutional investors and large companies. This has significantly increased market liquidity and attracted more participants to the market. Moreover, with the advancements in blockchain technology, we are seeing the emergence of new use cases and applications for cryptocurrencies beyond just a medium of exchange. This development is paving the way for a more decentralized and transparent financial system, which is a significant shift from the traditional centralized system. Overall, I believe that cryptocurrencies will continue to gain momentum and revolutionize the way we think about money and finance.