In the second week of stabilization, crypto markets went sideways and decoupled from rising stocks. Paxful partnered to bring Bitcoin education to Argentina while Ringo Starr launched his NFT collection and a new mining venture in Texas was announced.
Chain (XCN) +110.8%
Monero (XMR) +11.8%
Tron (TRON) +11.7%
Ethereum Classic (ETC) +9.4%
Neo (NEO) +5.2%
Stepn (GMT) -28.1%
Elrond (ELGD) -27.6%
Avalanche (AVAX) -26.0%
ApeCoin (APE) -22.7%
Solana (SOL) -19.3%
Quadency’s popular Grid Trader bot strategy is designed to make the most out of the volatile, sideways markets we are experiencing in crypto right today. Grid Trader automates multiple buy and sell limit orders along grid lines around the asset’s price. When the price fluctuates up and down within the grid, profit can potentially be realized when each buy-low, sell-high cycle completes.
Bitcoin (BTC) decoupled from rising equities this week, taking altcoins with it. Continued bearish pressure intensified as the week progressed. Despite massive FUD, BTC managed to stay near the critical $28k support level for the second week.
2-hour chart analysis
Starting on the 2-hour chart, Bitcoin appears to be trading in a descending triangle, which would signal in this general downtrend a potentially bearish output. Bitcoin is currently trading below the 100MA, which could be a short-term target.
On the weekly chart, we can see how the current trading range is critical for Bitcoin. Indeed, in January 2021, a rebound from this level kickstarted another all-time-high. Since then, this level has been retested multiple times. However, this time the sell pressure could lead to a potential breakdown below this key support level as most indicators are bearish. It is nonetheless important to notice that BTC is still outperforming altcoins.
Not much movement for alts this week, with most coins posting minimal gains if any and just a few outliers including Aave (AAVE) and Monero (XMR). The now imminent transition from LUNA to LUNA Classic sparked a lot of conversations, and the Ethereum PoS Beacon chain experienced a reorganization causing ETH to drop sharply.
Turn TradingView alerts into executable signals with Quadency’s TradingView bot!
Bitcoin (BTC) decoupled from rising equities this week, taking altcoins with it. Continued bearish pressure intensified as the week progressed. Despite massive FUD, BTC managed to stay near the critical $28k support level for the second week.
2-hour chart analysis
Starting on the 2-hour chart, Bitcoin appears to be trading in a descending triangle, which would signal in this general downtrend a potentially bearish output. Bitcoin is currently trading below the 100MA, which could be a short-term target.
On the weekly chart, we can see how the current trading range is critical for Bitcoin. Indeed, in January 2021, a rebound from this level kickstarted another all-time-high. Since then, this level has been retested multiple times. However, this time the sell pressure could lead to a potential breakdown below this key support level as most indicators are bearish. It is nonetheless important to notice that BTC is still outperforming altcoins.
Not much movement for alts this week, with most coins posting minimal gains if any and just a few outliers including Aave (AAVE) and Monero (XMR). The now imminent transition from LUNA to LUNA Classic sparked a lot of conversations, and the Ethereum PoS Beacon chain experienced a reorganization causing ETH to drop sharply.
Turn TradingView alerts into executable signals with Quadency’s TradingView bot!
Loopring (LPR) is a Layer-2 blockchain and is where GameStop, the famous meme stock and video store, is building its NFT market.
Be sure to join us on Telegram, Discord and Twitter!
—
Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.
Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
Manage all your crypto assets on the go with zero-gas swaps and a unified portfolio at your fingertips.
Disclaimer: Information contained herein should not be construed as investment advice, or investment recommendation, or an order of, or solicitation for, any transactions in financial instruments; We make no warranty or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose. Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation to buy, sell or hold a particular financial instrument; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Quad Terminal, or vice versa. Market information is made available to you only as a service, and we do not endorse or approve it.
Copyright © Quad Terminal
