This is the sixth 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.
Last week saw broadly bullish continuous continuation, with $btc hovering around the high 60s/low 70s range, with market commentators split between the likelihood of a price correction and further price discovery. So far the latter is the case. Many alts have seen significant price increases followed by correction/consolidation over the weekend. Ideally $btc dominance would break down to let them run further. The trend is clearly still 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 is now pushing into price discovery 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. The parallel channel below suggests a range high of $90k, although there are plenty of analysts predicting $btc will push much higher.
$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, then the $3000 target level and that the next obvious resistance is the $4000 level. That $4000 level has now been hit, and needs to be turned into support for further upside.
inj
Last week's TA & custom indicator
This week's TA & custom indicator
We noted previously that $inj had a decisive break from its all time high and was ranging between $30-$40. $inj had pushed back up to the $40 level and if that was turned into support we should see further expansion upwards. $inj now looks to be in the process of demonstrating that support level at $40.
$htr
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $htr has been range bound since the middle of 2022 and, unlike $link for example, had not yet made a convincing attempt at a break out. We also noted price had rejected from the underside of the price trendline back to the current support level, and was trapped between the two levels. Last week, price has broken back above the old price trendline and is now heading back to its key resistance level around $0.1. Since then price has convincingly broken above the last bear market resistance and is now targetting resistance at $0.18
$vra
Last week's TA & custom indicator
This week's TA & custom indicator
Previously 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 had convincingly broken out of resistance and above the key $0.01 level and was heading towards its next key resistance level of $0.02, which provided some temporary support in early 2022 before price broken down. In the past week there has been no significant change to that position.
$woo
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $woo had 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. For the past two weeks price has consolidated just below that $0.6 level.
$rune
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $rune was another coin which had successfully broken out of and retested (close enough to doing so) its bear market range. And that it had now broken out of diagonal price resistance which should set up another test of the key $8 level. Two weeks ago price had held above current support but hadn't yet made a move up to the flip zone. In the past week a strong move has seen it push well above that level. If $8 becomes support that would set up a move to target the next resistance at $11.
$trias
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $trias was yet another coin which successfully broke out from its bear market range and was currently giving off serious cup and handle vibes. It had been chopping back and forward over the past couple of weeks and looked to be heading up to the next resistance level at $20. That picture has not changed over the past week.
$zen
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $zen had 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, over the past couple of weeks it looked to be in the process of trying to turn the key flip level into support. That now looks to have been achieved and the next resistance lies ahead at $15.
$rose
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $rose was another breakout and retest coin, with its momentum relatively slow since leaving its bear market range. Next resistance ahead was around the $0.16-0.17 level and $rose's price action two weeks ago had taken it back to that level. Over the pas week $rose has been working to turn that into support before the next resistance at $0.22.
$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 had 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. After a short period of consolidation over the past couple of weeks the $20 level now looks to be turning into support ready for the next push up.
$avax
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $avax looked like a lagging version of link, having broken out from its long-term range but not yet expanded above its current consolidation. A strong move this week has pushed $avax up to resistance and the question is whether it will now push through.
$sol
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $sol had 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 moved up to key resistance and is now consolidating above that 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 now occurred and $rndr has continued to push up strongly over the past week.
$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. 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. That price was hit a couple of weeks ago and turned into support. Last week so a big push towards the next major resistance 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 seemed likely. Price action has been more of a spring than a grind over the past two weeks and Last week was much more of a spring than a grind and price is now at 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 remain 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 hadn't come close to breaking out of its bear market range and was struggling to recover from a hack-related dump. A break of the weekly RSI trendline signalled the start of an upside recovery and $tel made short work of breaking through the key flip level of $0.0032 which had capped its upside over the past 18 months or so. It is now at a key pivot level of $0.005 which needs to be turned into support.
$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!
