The Weekend Struggles
Bitcoin has been struggling this weekend to surpass its High from Friday set at $62,910. The closest we have come to Friday’s high was yesterday when the Bulls pushed the price up to $62,350 but they were unable to keep it there and ended up losing $817 for the day.
Weekends are notorious for low Volume and compared to the Volume on Friday, this weekend’s Volume is very low indeed.
We’ll get to some more detail later on with the Weekly Recap but for now, Bitcoin remains sideways on the lower timeframes.
For the most part, the Altcoin Market has been pretty quiet since Bitcoin stole the show last week. There have been some outliers that have put in some impressive moves that may have a chance to spread their wings and fly against the wind.
Each of these has put in some work and has a chance to either push another leg up or consolidate for better entries.
NU is at the end of its consolidation in the form of a Bull Pennant. A Bull Pennant is when there is a very large, fast, vertical move upwards followed by consolidation that creates Lower Highs and Higher Lows. We cover these in more detail in a separate Lesson but for now, let’s look at the Breakout scenario.
We measure the Bottom of the Pole to the top of the Consolidation (to be conservative). Generally, to would measure to the top of the move upward but not in this situation.
Then we apply that measurement to the Breakout of the Lower High trend – or the top of the triangle. This would give us a target near $3.58.
However, NU has not broken out yet and that means it still has a chance to Break Down.
The Breakdown has a few potential outcomes. The first is to retest the previous ATH of the Listing High which is around $0.80. There should be support there and if it holds we would look for a bounce near the $1.73 resistance level. However, because there is very little price action in that area, we could see a move all the way back to the $0.47 – $0.50 area. This would not only be the target for a Symmetrical Triangle (the Pennant part of the Bull Pennant) but would also be previous local highs.
If we see a move like that, the Bounce, if we get one, would be struggling around $1.14 with an attempt up to $1.73.
KEEP has put in a few really nice moves and establishing Resistance at a Price Discovery Target. What we like to see is when a coin enters Price Discovery, if it still follows some Technical Levels, then we can be more confident about the whales who are trading that coin. If we are on the same page as the whales and the whales respect TA, then we have a much more clear picture of what the potential outcome could look like.
So, in the case of KEEP, we’d like to see consolidation near $0.86 with the potential to slip the first level of support and consolidate more near $0.62.
After consolidation, we would like to see a move up near $1,73.
SYSCOIN is a wild one and should only be traded by Pro Traders who understand Price Action, Volume, and P&Ds.
You are looking at an Adam and Eve that played out twice. The first was a fakeout that pushed for 70% just to reach Target. The very next day it traded below the previous candles open, wiping away 100% of that candle’s move.
It then consolidated for 40 days only to push again today. This time the move has peaked at 123% so far. The current push now sits around 80% after giving a lot back from the peak.
So, where do we go from here? Another 100% move down to bring the price back to where it started, like the last fakeout, or does this one have more of a resemblance to the previous High in May?
If we look to May as guidance, closing above this red resistance box could indeed help SYS to reach $0.90 once again.
Certainly, something to watch but remember, do not play this type of coin unless you know how to. It can easily run your account to Zero if you are not careful.