MMR

Monday Market Recap (MMR: #16 3/29/21)

Crypto has seen a bit of a consolidation period for the past few weeks; this is nothing out of the norm. As BTC attempts to push higher we may see the end of this consolidation period.

MMR # 15 Recap

In last week’s recap, I was looking for BTC to bounce within the 55,000<K range. It seems I had pointed out the support of BTC at too high of a level, as we bounced off 50k on the 25th. We have also been able to recover the 55k level that I have since removed from my BTC chart.

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BTC 8HR 3/22

BTC is currently attempting to break out of its small downtrend as well as the previous pivot high set in on Feb 20th. Let’s jump right into BTCs updated chart.

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King BTC

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BTC is currently testing a daily level of resistance around ~58k. This comes in confluence with the short-term downtrend that BTC is also attempting to break out of. As BTC comes into this area of resistance I am not looking to be a buyer. From here I would like to see BTC punch a bit higher into the ~60k area before backtesting this 57-58K area for a nice entry on the breakout and re-test. Overall, BTC has put in a strong support around 50k, now attempting to test previous all-time highs (ATHs). BTC is showing key strength here as Altcoins begin to outperform and rally higher


The Binance Ecosystem; BNB

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BNB is currently in another triangle consolidation. This consolidation has a bit of resistance at ~295. The support stand at the D level and the orange box ~200. As this consolidation continues it only becomes more likely that BNB will break to the upside as the bull market forces are still in full effect. 

At this point, I am not too interested to be a buyer of BNB in this area of D resistance and confluence of the short-term downtrend. Overall, BNB looks extremely healthy and if BTC and the rest of crypto markets continue to show strength we could see a nice breakout to the upside on BNB. If we can take out ATHs a rally to ~500 is not out of the question.


Cross Chain Leveraged Yield Farming: ALPHA

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ALPHA has been on my watchlist due to its unique mechanics and recent launch on the BSC, but let’s get into some technicals. ALPHA is currently grinding higher, respecting the primary uptrend seen above. This token is currently in a range from ~1 to ~2.5, which is a huge range. As ALPHA grinds higher we can expect to see some significant resistance around the 2.00 area. Overall ALPH looks extremely strong but I would look for a breakout and retest of 2.5 or a test down to significant levels.


The Ultimate Scaling SOLution? SOL

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Solana has been an interesting name to watch. This is a heavy-weight layer-1 network with tons of support from large names in the crypto space. SOL Is currently breaking out of its range and attempting to confirm previous resistance (17) into support. It looks like SOL is to move higher as markets have seemed to bounce. If strength continues I expect to see SOL leading the market.

Crypto has seen a bit of a consolidation period for the past few weeks; this is nothing out of the norm. Prices can’t go up forever, and a healthy consolidation turns previous resistance into solid support. My eyes have remained off of BTC as ALT coins are beginning to see a large flow of money. In this market recap, we can see a lot of relative strength in coins such as BNB, SOL, and ALPHA among the thousands of other ALT coins. This what I have been looking for as DeFi seems ready for another leg higher. Remember, it is always important to practice risk management because the market can stay irrational much longer than most can stay solvent.

Overall, crypto markets are just getting heated up as more institutions begin adopting BTC. As this market continues higher, we will see a large influx of interest in altcoins, specifically DeFi protocols. Don't think this market is over, it is just getting started! Be sure to check out the next release of this weekly series on 4/5.

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For those looking to get started trading, use these links to receive a fee kickback and support me! ~(You will also get a 5% discount on trading fees)  😊

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P.S: Its a win-win, and I greatly appreciate the support!

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