Market Overview + Technical Analysis #7
Content:
Market Overview-
The Current State of the Market ($BTC)
What to Expect Next? ($BTC)
Technical Analysis Review-
$WOO Technical Analysis
$LINK Technical Analysis
TOTAL Technical Analysis
Closing Thoughts
Market Overview-
The Current State of the Market ($BTC)
Yesterday's recent pump took Bitcoin to 28k while the market chops and the sentiment still remains choppy. Bitcoin continues to showcase its tenacity even amidst market fluctuations, as we head into the Bitcoin Halving. While short-term swings are par for the course in the crypto realm, they can pave the way for potential investment opportunities for those who are bullish on Bitcoin. It's plausible that we might see more adjustments and stabilization in the coming weeks, but Bitcoin's robust fundamentals and growing acceptance by major players and investors lay a sturdy groundwork for its sustained growth. Just last month ago, Franklin Templeton announced that they are applying for a spot Bitcoin ETF, read more about it here. By remaining vigilant, flexible, and strategically maneuvering through market dynamics, investors can position themselves favorably and leverage the promising prospects presented by this continually evolving digital currency.
Figure A
2. What to Expect Next ($BTC)
In continuation of the previous analysis, Bitcoin has held a bullish structure. While the doomers expect 12k, there hasn’t been a good reason to become bearish yet. Bitcoin has yet to make a lower low, instead, Bitcoin made a higher low(green check). Until that low is taken, then we can talk about a bearish scenario playing out. For now, Bitcoin is holding the 28k level and is heading towards 35k in the coming months. According to recent data, October is a bullish month for Bitcoin, more on that here. That is not financial advice, but after so much consolidation we are likely going to see a breakout. However, managing risk and implementing appropriate strategies remain essential, considering the inherent volatility of the cryptocurrency market.
Figure B
Technical Analysis Review-
$WOO Technical Analysis
At the time of writing this, $WOO has continued to chop, in fact, it has done absolutely nothing. This is a perfect example of deploying patience because it is still trading in a range as it builds momentum. One thing to note here is that the volume is slowly dropping which is most likely a sign that a breakout is likely to occur. In my opinion, I believe the breakout is to the upside although there may be another pullback. So long as the price trades in the range, it may not be a bad area to dollar cost average. The previous post on $WOO may be found here.
Figure C
2. $LINK Technical Analysis
Before you read this post, you may want to take a read here first. $LINK was called with absolute precision. If you entered based off my last post, that leaves a 50%+ spread to be in profit. Usually things don’t play out so perfectly, but they did this time and we are most likely headed towards 9.60 range high region. Price is impulsive, but its still trading in the range so its not very bullish yet. However, this move was needed to slowly head towards all-time-highs.
Figure D
3. $TOTAL Technical Analysis
$TOTAL is still chopping but is gearing up to BREAKOUT. I believe after so much consolidation while maintaining highs around ~1 trillion we are on the cusp of breaking out. I am at a point where I am bullish beyond return. Its only a matter of time, only so much selling pressure, only so much FUD, before the inevitable takes place. The grand pump will happen and no one can stop it. Its only a matter of patience.
Figure E
Closing Thoughts
As we wrap up our analysis of the current market landscape, there's an undeniable undercurrent of optimism that permeates the crypto space. Bitcoin's resilience, even in the face of market volatility, is a testament to its enduring value and potential. The increasing institutional interest, as evidenced by moves from giants like Franklin Templeton, further solidifies the cryptocurrency's place in the financial ecosystem.
The technical analyses of $BTC & $ALTS all hint at a market that's coiling, gathering momentum, and preparing for its next significant move. While the market's inherent volatility means there will always be ebbs and flows, the overarching trajectory seems to be pointing upwards.
In the world of crypto, patience isn't just a virtue; it's a strategy. And for those who can weather the short-term storms, the long-term outlook appears promising. The increasing adoption, technological advancements, and growing mainstream acceptance all indicate a bullish future for the market. As always, while the potential rewards are high, so are the risks. But for those who believe in the transformative power of digital currencies, the horizon looks bright. Stay informed, stay strategic, and most importantly, stay bullish.