Welcome Everyone to the Tenth Chronicles DOSE!! 💸🥳

This is a Weekly newsletter aimed for you to receive comprehensive weekly analysis, research reports, and actionable trade ideas covering traditional and crypto markets.

Every week feels like a year in crypto markets with so much to share and catch up on. I hope you find value in these newsletters and add them to your trading regime to maximise your profits! Enjoy!!

The TLDR; 👀

• BTC breaks down sub $40,000 in a fakeout move and rallies back towards $42,000 as short traders get trapped. 🪤

• Altcoins follow BTC with breakdowns and have weaker bounces, confirming breakdowns from their respective distribution patterns. 📉

• Sentiment returns to Neutral levels as the market resets and consolidates post-ETF announcement. 🧠

Market Sentiment 🧠

The market is sitting in ‘Neutral/Slightly Greedy’ territory post the $40,000 break and reclaim. It entered Fear territory at 48 however has recovered to 55 and is mostly sitting in Neutral territory.

Altcoins are confirming breakdown patterns so I expect Sentiment to drift towards Fear as we get further into the market correction. We need to wait for more Extreme Levels for the best buying opportunities and Sentiment to peak.

We are currently in the ‘Complacency’ phase of this new mini Market Cycle that started last year, and in the “Disbelief” phase of the longer term secular bullish market cycle. This is a slow moving indicator, and may not change week to week. We peaked for a few days in Euphoria during the ETF announcement but since the sell-off, consolidation, and reduction in sentiment, this indicates we have swiftly moved into the ‘Complacency’ phase.

This indicates to me that the trend has formed a short-term top and we’re about to enter the longer-term accumulation trend into the halving, since we have seen the push to $48k, sell-off, and formation of a Wyckoff Distribution Pattern, we’re most likely going to see $40k being tested and for price to eventually test lower levels. 💰

Bitcoin Weekly Breakdown

Bitcoin started the trading week at $41,520 and saw an immediate breakdown sub $40,000 which peaked at $38,496. Then we entered a tight trading range as bulls regained control of the price and created a short squeeze back above $40,000 and further into the distribution range before stalling at the $42,000 level.

This kind of volatile move is hard to trade and chopped many traders up. Liquidating positions on both sides of the market. Since exiting positions during the ETF announcement, I’ve opted to be more cautious and lower size since this becomes one of the more challenging market conditions to trade in.

Now that we’ve seen a fake-out move, I’m expecting choppy conditions this week and consolidation as a LPSY forms on this bounce and the market eventually breaks down out of the distribution range and into new lows. A short squeeze is possible above $44,000 but I don’t see it being sustained and only provides further fuel for a more aggressive move to the downside.

My goal is to position short on this short squeeze and catch the next daily run lower in Bitcoin as we get further development.

The market conditions post Euphoria are volatile and choppy so I will only be taking perfect positions. It can be difficult to trade during these conditions, and waiting patiently would be the best strategy for most traders to avoid getting chopped up. As always, join the Discord for more day-by-day updates and how I’m navigating these markets!

Ethereum Weekly Breakdown

Ether and Altcoins are forming better patterns and can be easier to trade.

We saw the confirmation of the false breakout above $2,400 with Ether trading and sustaining below it last week. ETH started the trading week at $2,456 and saw an immediate drop to $2,166 as BTC created the false breakdown from its distribution range. We saw a lackluster rally in ETH as BTC recovered, with it peaking at $2,307 and rejecting the D50 EMA (red).

Unlike BTC which is still in the distribution range, Ether has formed a false breakout of the highs and is preparing for the next impulse lower sub $2,000. I’m expecting it to remain volatile throughout the week as Bitcoin traders squeeze as many shorts as possible, however, when BTC rolls over Ether should follow and we enter a deeper correction in the longer-term bullish trend.

The major pivot point for Ether is below $2,160 where the price can rapidly fall below $2,000. There is no clear pivot point for a continuation in the short squeeze as momentum isn’t strong and the HTF bears are in control of price.

My goal is to get short BTC and ETH on squeezes higher and anticipate the further correction and confirmation of breakdowns of each distribution pattern respectively.

That’s a Wrap for this Week! 🌯

If you’re not subscribed to Chronicles, make sure to hit the link below and be the first to receive the FREE content and analysis to help you understand and thrive in these complex markets!

Subscribe here:

And also join the Discord to connect with like-minded and successful traders on a similar journey to yourself!

Join the Masterclass Discord: