This is the eighth 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.
Btc continues to range, making fools of those who said it was bound to go $100k or $50k immediately. This feels like classic shakeout territory and patience is needed as btc approaches the formal halving point. Alt season isn't with us yet and alts remain choppy.
Weekly chart updates
Bitcoin $btc
Last week's TA & custom indicator
This week's TA & custom indicator
On the weekly timeframe it is difficult to be anything but bullish. Btc broke through its previous ATH and is now consolidating above previous weekly candle close levels. I have marked three support areas where btc could correct to before its next move up and all would keep the macro bullish structure intact. The purple parallel channel suggests a range high of $90k in due course, 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
Previously 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 was the $4000 level. That $4000 level was hit but price rejected heavily from it. Current key support needs to hold for another run at the $4000 level, but support below at the $2800-3000 level could come into play given the correlation with the price trendline.
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 looked to be in the process of demonstrating that support level at $40 but with $btc's correction fell back into its range. A further tap of the $30 dollar level at current support looks to be a good bidding area for those with a bullish outlook. Break and turn that support into resistance and then a tap of previous ATH support would be on the cards but that seems unlikely in the current market environment.
$htr
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $htr had been range bound since the middle of 2022 and, unlike $link for example, had not yet made a convincing attempt at a break out. Since then price had convincingly broken above the last bear market resistance and was targetting resistance at $0.18. Price has rejected at resistance and has returned to the key support level which we would now like to hold and not accept back into the old range.
$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. However since then price has pulled back with $btc's correction and has dumped further following some more $vra token drama with the community unhappy with $vra's ever changing approach to "marker" tokens. Ideally price would hold above the price trendline or failing that at key support at $0.007.
$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. Price had been consolidating just below that $0.6 level but with $btc's correction has fallen back to retest the previous resistance level of $0.4 as support. That is where price remains, with closes below the $0.4 level likely to lead to a retest of the breakout range at $0.3.
$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 and pushed past the key $8 level flip zone. Last week price rejected off the key resistance level around $11 and price is ranging between that level and its new support of $8. That remains the case but with price now at risk of accepting back into the $4-8 range.
$trias
Last week's TA & custom indicator
This week's TA and custom indicator
Previously we noted that $trias had broken out of its bear market range at rejected close to key resistance at $20. Price had been ranging sideways but is now at risk of losing the key flip level around $11-12 and it is important that support at $10 holds or a return to the range high of $7 is on the cards.
$zen
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $zen had been slow to break out of its bear market range but had since made a run up to resistance at $15, from where it has rejected. is the next key level to flip into support. We are now looking for the old flip level around $11-12 to act as support.
$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. Key resistance at the $0.16-0.17 level has been tested and price has rejected. With the price trendline potentially being lost a retest of $0.1 could be on the cards.
$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 broken out from its shorter consolidation to hold above $16. $link has been holding that level relatively well compared with other alts and looks like it is consolidating ready for a push above $20.
$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. $avax then broke that resistance and rejected off the key resistance at just over $60. It now looks important that previous resistance at $47 acts as support or $avax could head back down to test key support and the top of its bear market range.
$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. Over the last few weeks it continued to perform strongly turning previous resistance around the $170 into support and looking ready to consolidated before a run at the $240 level. Price continues to hold above that $170.
$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 $rndr continued to push up strongly, consolidating above the $10 level. With price having turned short-term bearish support at previous candle wicks around the $8 level may be on the cards.
$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 $8 resistance back into support. The skies are now relatively clear up to the next major resistance at $17 but it seems likely that previous resistance turned into support may be tested again first.
$grt
Last week's TA & custom indicator
This week's TA & custom indicator
Previously we noted that $grt had 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 few weeks ago and turned into support. Then we saw a big push towards the next major resistance at the $0.5 level. Price rejected there and may now retest the previous resistance again at the $0.3 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 $0.20 level but had found support back at $0.15 and that a grind back to the the top of channel seemed likely. Price action turned into more of a spring than a grind over the past few weeks and price hit the key flip level of $0.3 but rejected there. The question now is whether previous resistance will continue to hold as support.
$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 the last few weeks saw price not only remain below that key flip zone level but back below previous resistance.
$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. However, 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 then hit and rejected off the key pivot level of $0.005 and looks to be in the process of testing the key flip level again.
$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 has however failed to hold and is now at risk of losing the price trendline and heading back to the range low.
$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 needs to convincingly flip that level to open the way for expansion upwards but is currently struggling to hold the price trendline.
$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. It had gradually worked its way back towards the top of its consolidation channel, and the question was whether it was now going to consolidated before breaking free or will price drift back down to the bottom of the channel? And the answer appears to be the latter.
$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, broke out strongly and is now consolidating below the next key flip zone, which is a level i would like to see how or price could return to the previous key resistance level.
