Going to be a fairly short recap this week as I covered my thoughts on Bitcoin in-depth last week which you can read here. Bitcoin has been my major focus as of late and it's been following my plan exactly and is nearing my target buy zones. Therefore going to keep the Bitcoin-related content light this week.
My Bitcoin weekly chart hasn't changed in ages and here you can see we're at a critical level. BTC has now closed cleanly below the $8,200 support and is now resting on top of the $7,300-$7,700 support and the 100 week moving average. Both of these look tenuous right now and I don't think price stops dropping here. As you know from my last post I'm heavily eyeing up the low $7,000's and have bids placed in the vicinity of $7,050-$7,350 which I'm expecting to be filled in the next 48 hours or so. Of course nothing is guaranteed so I'll continue to monitor price action as time goes on but in an ideal scenario price would wick down there and recover the 100 week MA and the $7,700 support by weekly close next week. If $7,000 doesn't hold I'll be looking at the 50 week moving average around $6,800 and down toward the range lows.
I've been tweeting pretty frequently on Bitcoin and live called a number of shorts in the past few days. Make sure you're following me there for the latest and more frequent updates.
Support: Pretty much right here at $7,700. Below that there's support on the daily around $7,200 which you can get a detailed view of in my post from last week.
Ethereum has stuck to weekly levels quite nicely over the past few months. Last weeks wick through the lower range looked potentially bullish, particularly when price took off after the weekly close. However, that run up has entirely retraced and ETH has posted a pretty ugly candle as a result. I'm targetting the 0.786 fib of the full move up and the support cluster below it for longs, roughly $130-$142.
Support: Right here at $168, below that and $150-155 should be a major level
Reistance: There's a fair bit on the way up but $175 is a pretty significant one
As you probably know if you follow me on Twitter, I've been pretty cautious with altcoins. However, one that does stand out to me right now is LINK. It just smashed through a critical weekly and monthly level around $2.05 and as a result I'm actively looking to buy dips in the $2.00-$2.07 region. Here's what I'm looking at right now.
That's it for this week. As I said, make sure to follow me on Twitter for the latest updates!
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