This is the second in a series of free newsletters I intend to publish, at least on a weekly basis but potentially more often depending on developments in the market. They will cover bitcoin price action, news events, airdrops, alts of interest and so on. This one, which I hope to publish each Sunday/Monday around the weekly candle close, will focus on updates to the weekly charts using TA and my custom indicator. If your favourite coin isn't included feel free to ask me to cover it.
Weekly chart updates
Bitcoin $btc
Bitcoin continues to refuse to roll over but is in the process of retesting its local high and is close to the psychological $50k level. If history was to repeat, we could expect a sharp retracement pre-halving.
$eth
$eth is currently sitting at a historical key price point of $2500 which has previously acted as support. $eth needs to flip this area back into support or it could continue to range in the $2000-$2500 price zone.
$inj
$inj had a decisive break from its all time high and is currently ranging between $30-$40. The main question is whether the range low will be retested before price resumes upwards.
$htr
$htr has been range bound since the middle of 2022 and, unlike $link for example, has not yet made a convincing attempt at a break out. First target is the key psychological level of $0.1 and then a full range breakout at $0.12.
$vra
$vra has been coiling under a price trendline since the start of 2023 and a similar RSI trendline over the past few months. Once that's broken, the key horizontal resistance which should lead to price expansion is the key psychological level of $0.01.
$woo
$woo has successfully broken out of and retested its bear market range. For upwards expansion, closes above $0.4 are needed and the next big test comes at the $0.6 level.
$rune
$rune is another coin which has successfully broken out of and retested (close enough to doing so) its bear market range. It has now broken out of diagonal price resistance which should set up another test of the key $8 level.
$trias
$trias is yet another coin which successfully broke out from its bear market range and is currently giving off serious cup and handle vibes. However, it is in the process of losing its RSI trendline and I'd ideally like to see $10 and possibly below retested before the next breakout.
$zen
$zen has been relatively disappointing, failing to break out of its bear market range and indeed trending in the wrong direction over the past several weeks. Key question is whether key support will be retested before the next price breakout.
$rose
$rose is another breakout and retest coin, with its momentum relatively slow since leaving its bear market range. Next resistance ahead is around the $0.16-0.17 level.
$link
$link was one of the first alts to convincingly leave behind its bear market range and has now broken out from its shorter consolidation. The question is whether the top of that consolidation will be retested or $link will just push on through its current resistance level.
$avax
$avax looks like a lagging version of link, having broken out from its long-term range but not yet expanded above its current consolidation.
$sol
$sol has been a strong performer since breaking out of its bear market range, and looks to be consolidating before a test of key resistance.
$rndr
$rndr is currently struggling with resistance at the $5 range, and this needs to be flipped to support before it can make a push to the higher key resistance zone.
$dot
$dot is currently sitting at a key price support level and needs to avoid getting drawn back into the sub-$6 range. Key resistance ahead is a retest of the $9 range.
$grt
$grt hasn't fully escaped from its bear market channel and needs a clean break above $0.2 to make a run for the next resistance level at $0.03.
$algo
$algo rejected hard off resistance at the $0.25 level and has found support back at $0.15. It is not currently giving off super strong vibes but a grind back the channel seems likely.
$hnt
$hnt has been making an impressive return from the dead, although I'd still say my purchase of a helium miner last bull run was one of my worst crypto decisions ever. $hnt has run into a key flip zone which now needs to be turned into support for further expansion upwards.
$tel
$tel hasn't come close to breaking out of its bear market range and is struggling to recover from a hack-related dump. A break of the weekly RSI trendline could signal an upside recovery.
$xcad
$xcad has been extremely range bound and needs to convincingly break and hold above the $1.5 dollar level before pushing to break above $2. $
$pyr
$pyr price action has been super clean, breaking out from its beark market range and then rejecting hard off key resistance. Should now coil back up to retry that $8 key resistance level.
$bax
$bax had an early run at the end of 2022 out of a cup and handle pattern and since then has given back almost all of its gains and settled back into a consolidation channel. At these price levels a small moon bag purchase feels relatively low risk.
$doge
$doge is another coin which has struggled to break out from its bear market channel and price is currently in a bit of a no-man's land.
