Weekly Finds Support
Some coins today are seeing their biggest move in two weeks and that’s because Bitcoin is actually showing positive from its open which almost feels unusual given the last two weeks.
Bitcoin has shed $13,375 from its ATH of $69,000 in just 10 days. It took Bitcoin 31 days just to get to the ATH after it finally crossed our recent low.
You know what they say – staircase up – elevator down.
Anyway – the bounce. Let’s take a look and see what we got here.
Not out of the woods yet
Bitcoin is certainly a creature of habit and it tends to repeat itself often. Look closely at the previous ATH around 53K. Notice how the High before it was only breached by a very little bit before Bitcoin lead a 25% selloff.
Now look at our ATH now and notice the previous high before that? Very similar. If we were to add a 25% selloff to this, we would be retesting the previous high- this standard practice for trend trading.
The 57/58K area is holding but when we draw the Support zone, we can see that we actually breached support and out currently backtesting as resistance. If we are to blast through this zone and close the daily above the target area – then we have a chance to move to the upside.
If we instead find resistance, then we likely have more downside to come. This would also land us near the 618 which would be a fairly standard pullback for Bitcoin. As you can see from the previous run-up, the 618 was front-run only a little bit and that ended up being the swing-low before the next leg.
What's Hot in the AltCoin World?
SAND and MANA are still performing well given the entire market collapse of the last two weeks. We introduce to you – MBOX.
MBOX: MOBOX Protocol combines the best of yield farming DeFi with Gaming NFTs creating a truly free-to-play and play-to-earn ecosystem. Utilizing the Binance Smart Chain, MOBOX shows true NFT interoperability by combining cross-chain and cross-platform functionality for NFTs.
MBOX is still very new but it just posted a 43% Daily Candle that broke all kinds of local resistance areas. Just a move back to the candle-close ATH would still be a 53% move from local support. This is a wild one to watch so be very careful but there is a lot of growth potential here.
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