Welcome Everyone to the Twenty-Third 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 above $62,00 and confirms a bullish structure with Higher Highs and Higher Lows. 📈😱

• Altcoins catch a bid as investors rush to re-buy positions in wake of the FED rate cuts. 💸🤑

• Sentiment shifts back to Greed as the majority of traders shift back to a bullish bias and are looking to catch the next breakout opportunity. 🧠

Sentiment Analysis 🧐

The majority of the trading week was Fearful as the trading conditions remained boring and dull as BTC was rejecting and trading below its Daily EMAs and struggled to break above the key $60,000 level.

Sentiment started the week in Fear at the 28 level. It then drifted lower to 26 as the market rejected key support turned resistance levels, however on the final day we saw a fundamental change in the markets with the FED speaking and interest rate cuts being priced into the market which caused a breakout in BTC and Altcoins which shifted sentiment higher and into Greed at the 56 level.

Now the majority of the market is in Greed and chasing bullish candles trying to catch the next run. We’ve yet to have confirmation of a breakout from this long-term accumulation range so further shifts in sentiment can be expected going forward to shake out the final traders before bulls or bears take over.

The community and I have remained poised and emotionless at this time. This consolidation has been a time for accumulation with clear risk areas defined to best get positioned in the market. We’ve been consistently been buying during times of Fear and expecting a breakout higher into a run to Extreme Greed where we can distribute positions.

It’s important to remain patient and let the market swing how it wants. I will sell again when we see the Extremes of Greed but now is not the time to panic and exit markets entirely off the back of “recession fears”.

Everything has been playing out as expected and now that we’ve seen a bounce from the lows of Extreme Fear. This may be the bottom and last chance to buy crypto at value areas before we see the next markup. 💰

Bitcoin Weekly Breakdown

This week we saw a sideways trading range with a final bullish breakout in BTC to take price above $60,000 and shift into clear bullish structure.

From the prior crash to $49,000, we saw a recovery back to the key $60,000 support level which wasn’t able to be reclaimed as support. Instead, price traded back into this level and the Daily trending EMAs (50, 20) before sellers stepped in and rejected the level. This all changed on Friday when there was a fundamental shift in the market caused by the FED meeting and BTC broke above $60,000 and tagged $64,495 as investors rush back into the market.

Now that we have reclaimed the key $60,000 support level, BTC is in clear bullish territory and everything is going to plan in accordance to the previous doses. We should expect to see bulls control price action and inflows start to increase as BTC nears the major $100,000 target. There is a possibility we test $60,000 as support however this is unlikely.

The next key levels to watch for BTC is the breakout of the counter-trendline at approx. $66,000 and the major $70,000 resistance level. If and when these levels are broken, there’s nothing holding BTC back from surging to $100,000 and higher.

Stay alert and stay cautious when trading in these conditions as we’ve yet to see the confirmation of the breakout. Stick with the basics, accumulate, and don’t let emotions dictate your trading decisions.

Ethereum Weekly Breakdown

Ether saw a similar move to BTC where the majority of the week remained choppy and we got the final surge higher on Friday to take ETH to $2,790.

During the choppy phase, ETH and strong Altcoins were catching a bid as BTC chopped lower and this was the signal that sentiment was shifting and smart traders were getting positioned in quality plays before BTC signalled the shift to a bullish structure.

Now that strong Alts have shifted to a bullish structure and ETH is hovering just below its major support level and diagonal resistance. I expect this week to see a further bullish impulse in ETH to take it above $2,850 and head towards $3,160. This will give Altcoins room to surge further and provide opportunities for leveraged traders.

As mentioned previously, to trade Altcoins in these conditions you need to take a “sniper” approach and only trade strong Altcoins and ones that are most likely to outperform BTC with strong trends. This correction has been devastating for most Alt/BTC pairs and when we do get the eventual “Alt Season”, only the strongest Alts will capture the gains and the remainder will underperform and trade like pump and dump schemes.

We have confirmation of bullish structure on BTC and soon ETH so leverage can be applied moderately with proper risk management. Don’t blow up your portfolio this early in the cycle and fail to capture the coming exponential moves. Keep risk tight, manage losses as best as you can, consolidate to quality projects and don’t make emotional trading decisions.

For now, I expect further surges in Altcoins off the back of Ether strength and am paying attention to strong Altcoins to catch these moves (SOL, RNDR, potentially MEMES).

Hope you have a safe and profitable trading week! As always, day by day updates are provided in the Discord that you can find at the bottom of this DOSE!

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: