SEP 27, 2023
Weekly Market Review: In-Depth Technical Analysis
by Crypto Alpha, BXVb7rtP5dwgpuKWx3S1B78sdwibsPstuowsyzjpU1jE
As part of our commitment towards providing you with insight and market opportunities that can be exploited to generate potential profits, we are introducing the weekly technical market review.
CRYPTO ALPHA TECHNICAL MARKET ANALYSIS REVIEW (SERIES)
As part of our commitment to providing you with insight and opportunities that can be exploited to generate potential profits, we are introducing the weekly technical market review.
Dear subscribers, we have decided to provide you with a naked technical analysis every week. Whether you’re a short-term trader in search of a bias going into the week, or a cautious long-term investor who may be interested in the market overview (or safe entry points and exit), we sure do have something for everyone. In this column, we shall discuss charts, the most important digital assets from the crypto market. We will be reviewing the market from the higher timeframe in other to carry all our subscribers along as previously stated.
The market is a home of uncertainty (we should never lose touch with such reality), therefore we implore our subscribers to ensure that they protect themselves at all times, not risking/investing what they can’t afford to lose. Trading/investing can involve losing money. As much as we will try to create certainties in an uncertain market, we will only make a review and point out opportunities in the market when the odds are greatly skewed in our favor, it doesn’t mean we can’t be wrong sometimes.
Let’s get started!
Based on market capitalization and amount of volume traded, we will be reviewing and analyzing Bitcoin (BTC) the mother of all crypto, and Ethereum (ETH), the father of all alternative (ALT) coins, to start with. Welcome to the Crypto Alpha Family!
PS: We do not intend to predict price movements, instead, we let the market makers show their hands and we ride on their backs for profitable trading.Our Strategy
Using market structure, trend, liquidity, and chart patterns for asymmetric risk/reward.
Let’s get into charts!
Bitcoin Daily Timeframe View
Using the daily timeframe, the $BTC price is sitting around $26,240, which is between this month's high and low after a failed breakout to the downside from $25,000, we are expecting a retest to $25,660/$25,000 for a vertical move to reclaim $28,200.
Bitcoin 4Hours Timeframe View
Looking at the 4H (four-hour timeframe) we can see the break of our bullish trend-line. Price is retesting into areas of liquidity which has been clearly stated above and shown in the horizontal lines ($25,660/$25,000). We’re expecting the price to react at those levels to confirm our bullish bias.
The dollar index (DXY), an indicator of the status of the United States dollar's strength/weakness, rallied to a new yearly high, which has inversely driven traditional fiats and other financial instruments/assets towards their year-to-date low. $BTC has shown some strength amidst this annihilation when compared to fiats so far. We wait to see how $BTC develops its price movement as the week evolves.
Ethereum Daily Timeframe View
Ethereum (ETH) has been relatively underperforming when compared to Bitcoin. Similarly following a failed breakout from $1,530 which was the low of August, the price is currently sitting between the high and low for September at $1,593 (as of the time of this writing). This daily time frame suggests that the price is resting at our area of interest because there’s liquidity at $1,576 which has been raided and the price should continue to the upside from here, except we want to have a retest to $1,530 which is the low of this month.
Ethereum 4Hours Timeframe View
The four-hour timeframe is just making our marked level clearer, it’s in synchronization with the daily timeframe and price level.
We presume that we’re all aware of the fact that during this type of market condition, if $BTC dumps (sell), $ETH and other altcoins tend to suffer a similar fate with increased volatility.
If you need further breakdown or analysis on any particular coin, feel free to email us (firstname.lastname@example.org).
See you again soon. May the markets go with us!
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