Welcome Everyone to the Twenty-Fourth 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 falls back below the $60,000 support level as bulls fight for their life to defend the major support from breaking. 📉😱

• Ether sees further weakness and signals a warning sign for Altcoins as it fails to break higher above $2,850. ⚠️💰

• Sentiment falls back to the lows as traders brace for the worse and continued breakdowns in the markets… 🩸🔪

Sentiment Analysis 🧐

Market sentiment swung from Greed to Fear this week as traders remained bullish as the BTC price rose to $64,000 however quickly flipped and fell back to the major $60,000 support with a shift back to Fear.

Sentiment started the week in slightly bullish territory at the 56 level, however flipped and ended at 29 with the fall back to major support. This extreme shift in sentiment was caused by the flip of the key $60,000 level on BTC. Last week saw a bullish breakout and close above this major level and all traders anticipate a continued move higher. However, the market tested bulls conviction and cascading liquidations caused prices to fall back to major support levels in a ‘bart’ pattern.

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.

I expected a continuation of prices pushing higher when the breakout above $60,000 occurred. However, the false breakout wasn’t unexpected. As the community have been buyers during ‘Fear’ stages of the market, prices returned back to entry regions and now clear risk on/off regions are defined to manage positions in either market direction.

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 trap form in BTC as it failed to hold above $60,000.

From the prior crash to $49,000, we saw a recovery back below the $60,000 support level and break higher to tag $64,000. We saw Weekly closes above the major level, and we expected further pushes higher with this confirmation.

This push higher turned out to be a trap and BTC quickly fell back towards and slightly below $60,000. Now price is rangebound as traders are unsure about the future direction. We have to look carefully at breaks of $57,000 and $64,000 for further moves lower and higher respectively.

We’re currently trading in Fear and have seen significant consolidation, so the odds of a continued upside move are greater, however, it’s possible we see one final washout and move back to the channel lows on the back of cascading liquidations. It’s difficult to pick a direction at a time like this.

The next key levels to watch for an upside 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

Last week, ETH saw a fall to $2,400 as BTC trapped traders and itself fell back to major support.

Ether is trading at $2,500 as of present, and is below the major support level of $2,850. This is very concerning for ETH and Altcoins as the weakness and failure to break above shows the lack of a risk appetite in the space.

Ether should follow BTC price action so further weakness would push ETH down towards $2,000, however if BTC makes a recovery and pushes higher then ETH has the chance of recovering and breaking past $2,850 and returns back to bullish territory. Strong Alts are still looking better than ETH in these conditions and before a recovery, we should see buyers step in here first which will be the signal to get long majors.

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.

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! 🌯

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