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- 🧠 Did we miss the bottom?
🧠 Did we miss the bottom?
We did some technical analysis and found some interesting stuff.
GM Seedphrasers 👋 Welcome to another Technical Tuesday, where we spoon-feed you the data and charts. We're like a tall glass of milk, here to make you strong.
Today's Agenda: 📓
🧠 BTC Signals: start of a bull run?
👀 Top 10 Coins This Week.
📊 Leverage is Flushed.
🔥 $HADES: Our Coin of the Week.
🤔 ETH Dump Incoming.
🧠 BTC Signals.
Is it a comeback story? Maybe. Here's how you can decide for yourself.
This week BTC and ETH continued to pump, with BTC hovering around $23,000 and ETH around $1,600.
BTC is showing strong support at $21K:
On a HIGH: BTC touched $23,375, its strongest point since August 18th, 2022.
RSI Metric: See that purple thing under the graph? That's the relative strength index (RSI). It's at 85.26 out of 100, indicating BTC is likely overbought. Traders know this, so they may start taking profits on their positions soon.
200-Day Average: This metric is used to identify a strong support level. For the last 200 days, BTC has averaged $19,557. AKA, we've broken the 200-day average.
Breaking the average is tough, and usually doesn't last in a bear market (high resistance).
What to expect: We could see a pullback to a support level of $21,600.
What to watch: If BTC falls below $21,000, it's likely a retest of the moving average support level. It will be a pivotal moment to see if this is really a bull trap or the start of a true rally.
ETH Signals:
Overbought: ETH also has a high RSI of 75. Bulls for ETH will be looking to push the price to $1,700, which would bring the RSI to 80.
Watch the $1,500 Level: The retest zone is currently at $1,500. If ETH can keep its head above this level, he next test will be above $1,700. If ETH falls below $1,500, it could signal a bearish movement and market panic sell offs.
We give live updates on our Twitter.
🤝 Together with Ledger
Seedphrasers: now is more important than ever to have a cold storage.
If you don't have a seed phrase, it's NOT YOUR CRYPTO.
Ledger is the smartest way to secure your crypto. Plus, you can buy, exchange, and manage over 500 coins and tokens with Ledger.
👀 Top 10 Performing Coins.
Here's another chaotic graph we make easy to digest:
Our Highlights:
⚫️ Aptos | +57.80%
Reason for pump: Data from Aptos NFT marketplace Topaz show collections such as Aptomingos and Aptos Monkeys attracted tens of thousands in trading volume in the past 24 hours. See more.
Weekly ATH: $14.39
🔹Axie Infinity | +37.43%
Reason for pump: The circulating supply of AXS increased. Which amounted to 2% of the tokens total supply unlocking and being distributed to stakes. See more.
Weekly ATH: $13.65
🔵 Fantom | +25.97%
Reason for pump: Announced a revamped roadmap that drew excitement. See more.
Weekly ATH: $0.42
📊 Leverage has Lowered, Perpetual Futures Show
Perpetual future interest is how much people owe exchanges (trading with leverage). Perpetual futures contracts are the means people use to open long/short positions.
Right now: future open interest has remained steady, even growing a bit in the last few weeks. This is to be expected with the price of Bitcoin and Ethereum pumping,
Zoom Out: in the last year, we have seen a 60% drop in open interest futures. Meaning 60% of leverage has left the market. Have a look:
The good news: markets are recovering to organic levels.
Why? We've endured bombshell after bombshell, from 3AC to Luna to FTX. Now we know a lot of the leverage in the trading markets was NOT organic, coming from bad players that went bust.
We're healing.
🔥 Coin of the week: $HADES
$HADES is a hot new token that just launched yesterday.
This token, part of the cult-followed ABC project, is currently available for trade on Jupiter, Raydium, and Orca (all SOL-based decentralized exchanges).
Hades is like the gasoline that fuels the ABC ecosystem, and it's currently valued at $10.74.
But, there is currently little liquidity being traded so the price may fluctuate rapidly.
Still, over the next month, we can see impressive moonshot gains for this coin as they have more announcements coming and will draw more interest and excitement.
Just make sure to watch out for the risk of slippage. Otherwise, you might fall into the underworld of losses.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research
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