This is the fifth 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. This one, which I hope to publish around each Sunday weekly 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.
During the course of the week alts and memecoins have finally started to play catch-up to bitcoin with many, as we will see below, breaking through some key resistance points on the weekly timescale. The trend is undoubtedly up and, while retraces are to be expected, people shorting the market are clearing having trouble.
Weekly chart updates
Bitcoin $btc
Last week's TA & custom indicator
This week's TA & custom indicator
Btc is showing no sign of weakness and has pushed up into previous all time high territory. The previous ATH should act as serious resistance but the question is whether it consolidates before pushing through or dumps to a lower level.
$eth
Last week's TA & custom indicator
This week's TA & custom indicator
Last week we noted that, $eth had convincingly broken above the key price point of $2500 and that next up was the $3000 target level. That target has now been hit, and eth currently shows no signs of stopping. Next obvious resistance is the $4000 level.
inj
Last week's TA & custom indicator
This week's TA & custom indicator
We noted last week that $inj had a decisive break from its all time high and was ranging between $30-$40. $inj has now pushed back up to the $40 level and if that is turned into support we should see further expansion upwards.
$htr
Last week's TA & custom indicator
This week's TA & custom indicator
Last week we noted that $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. We also noted last week price has rejected from the underside of the price trendline back to the current support level, and was trapped between the two levels. Since last week, price has broken back above the old price trendline and is now heading back to its key resistance level around $0.1.
$vra
Last week's TA & custom indicator
This week's TA & custom indicator
Last week we noted that $vra had been coiling under a price trendline since the start of 2023 and a similar RSI trendline over the past few months. Since then $vra has convincingly broken out of resistance and above the key $0.01 level and is heading towards its next key resistance level of $0.02, which provided some temporary support in early 2022 before price broken down.
$woo
Last week's TA & custom indicator
This week's TA & custom indicator
Last week we noted that $woo has successfully broken out of and retested its bear market range. And that for upwards expansion, closes above $0.4 were needed with the next big test comes at the $0.6 level. Since last week price has consolidated just below that $0.6 level.
$rune
Last week's TA & custom indicator
This week's TA & custom indicator
Last week we noted that $rune is another coin which has successfully broken out of and retested (close enough to doing so) its bear market range. And that it has now broken out of diagonal price resistance which should set up another test of the key $8 level. Since last week price has held above current support but hasn't yet made a move up to the flip zone.
$trias
Last week's TA & custom indicator
This week's TA & custom indicator
Last week we noted that $trias is yet another coin which successfully broke out from its bear market range and is currently giving off serious cup and handle vibes. It has been chopping back and forward over the past couple of weeks and looks to be heading up to the next resistance level at $20.
$zen
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $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. However, last week saw price break out and this week it looks to be in the process of trying to turn the key flip level into support.
$rose
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $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 and $rose's price action in the past week has taken it back to that level.
$link
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $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 was whether the top of that consolidation would be retested or $link would just push on through its current resistance level. Last week saw a retest of resistance and no follow through but this week it looks primed to turn it into support for expansion upwards.
$avax
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $avax looks like a lagging version of link, having broken out from its long-term range but not yet expanded above its current consolidation. No significant change has taken place since last week with price still unable to break through the current resistance level.
$sol
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $sol has been a strong performer since breaking out of its bear market range, and looked to be consolidating before a test of key resistance. Last week it broke through current resistance and is now sitting below its key breakout level.
$rndr
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $rndr had pushed through resistance at the $5 range, and was making a push to the higher key resistance zone. That push continued and the question was whether price would now close above that key resistance level. Those closes have now occurred so we could expect some consolidation at this level before $rndr makes its next push.
$dot
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $dot had pushed off its key price support level and was flipping current resistance back into support. That process has continued last week and price broke above the key $9 flip level range. The skies are now relatively clear up to the next major resistance at $17.
$grt
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $grt looked to have escaped from its bear market channel and made a clean break above $0.2. We noted that key resistance ahead was at $0.03 and that might be an obvious place for its move to cool off for consolidation. Last week price hit that level and the question was whether it can be turned into support. So far price is holding and if this level is flipped into support the next major resistance comes at the $0.5 level.
$algo
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $algo had rejected hard off resistance at the $0.25 level but had found support back at $0.15 and that a grind back to the the top of channel seems likely. Last week was much more of a spring than a grind and price is now working towards the key flip level of $0.28.
$hnt
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted last week that $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 looked like it had broken back above a key flip zone but it has failed to turn into support for further expansion upwards and last week say price remail below that key flip zone level.
$tel
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted last week that $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 has signalled the start of an upside recovery but there is some distance to go before it gets to the key flip level of $0.32 which has capped its upside over the past 18 months or so.
$xcad
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted last week that $xcad had been extremely range bound and needed to convincingly break and hold above the $1.5 dollar level before pushing to break above $2. Price now appears to be breaking above the current resistance level and is setting up for a run to the major resistance level at just over $2.
$pyr
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $pyr price action has been super clean, breaking out from its bear market range and then rejecting hard off key resistance. Price has now made its way above the key flip level and consolidation here should open the way for expansion upwards.
$bax
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $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 still feels relatively low risk, and it is gradually working its way back towards the top of its consolidation channel.
$doge
Last week's TA & custom indicator
This week's TA & custom indicator
We noted previously $doge was another coin which has struggled to break out from its bear market channel and price was in a bit of a no-man's land. Well, no more! Price, like many other meme coins, has well and truly broken out!
