It has basically been a rather red week for the crypto market. A few tokens were able to escape the downward pressure.
General market overview WoW:
- BTCUSD -5.1%
- ETHUSD -8.6%
- MATICUSD unchanged
- SOLUSD -10.3%
- DYDXUSD -17.8%
- GMXUSD unchanged
- DXY -0.51%
- XAUUSD -0.47%
- NDX -1.4%
Ever since last Friday, we have been in a consolidation phase, with a range of USD 21,600 to USD 22,000. Nevertheless, the downtrend is intact and it seems likely that the support at USD 21,600 will be broken to the downside. In my opinion, a price target of USD 20,600 is therefore realistic.
- Support: USD 21,600, USD 20,600
- Resistance: Trendline, USD 22,800
ETH is trading at the important support level of USD 1,500. Should this level be sustainably breached on the downside by EoD, there will be no more support until USD 1,400. On the upside, the recent high of USD 1,685 forms a strong resistance.
- Support: 1,500, 1,400, 1,330
- Resistance: 1,685
MATIC vs. BTC forms an interesting long-term technical setup. The uptrend has been intact for months and pressure seems to be building towards long-term resistance at 0.0006. In my opinion, a potential trade could be set up as follows:
- Entry: 0.00055
- TP1: 50% of the position at 0.00006
- TP2: potential breakout to the upside. 50% from the position at 0.00007
- SL: 0.00005
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