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Rob's crypto market report 06th of September 2023

BTC DXY BTCDOM TOTAL TOTAL 3 analysis




The total crypto market cap stands at 1.080 T $ on the 06th of September 2023.


1. BITCOIN


BTC did mostly nothing in the past 10 days and keeps accumulating in the 25k area.


On a bigger scale we can observe that the price already negociated 2 areas of interest between 20k to the 30k area. These are now the levels that constitute our support and resistance on a macro level. In other words, if we close over 30-31k we should go next to our upper resistance area situated in 40k area, if we lose 25k we should see another retest of the 21k area.



Because the macro doesn't help too much for day to day trading let's go deeper and check the 8h chart :




On the 8h chart we're noticing a RSI bull divergence with price coming out of oversold. As long as we don't lose the support we should see another attempt at breaking the 28k resistance level soon.


Only bearish thing is the lack of volume both in buying and selling. For now this is text book accumulation and nothing else.


Key points :


  • BTC price action is boring

  • last remaining bullish support stands at 21.700$

  • current bounce from 0.38 fib retracement levels would further confirm my previous 84k target

  • longing 23.500$ if I get the chance


I am going to trade this setup as follows (same setup as 10 days ago) :


Long: 4h close over the 27.200$ area targets the 31k area.

Short : 4h close under 25.200$ targets the 23.300$ and 21.700$ areas.


Will update with my personal trades on the live trading channel (trader & VIP membership).



2. DXY


Updated chart :


NOTE : I changed the weekly RSI value to 5 for a better view


Key points :

  • DXY had another push over the 104 level forming a bearish divergence in the process

  • we're in the overbought area on RSI 5, should go to oversold if rejected again

  • confirmation of rejection here "should" send the price under the 100$ levels in the coming weeks

  • invalidation of bear div would send it higher to the 109$ levels

  • if DXY rises we will probably see BTC correlated at the 21.700$ levels

  • there is no significant demand or explanation for a strong dollar other than people holding on to savings, when the time is up so will be the risk-on assets




3. BTCDOM


Nothing much has changed since 10 days ago, this is the updated chart :


It looks like we formed a bearish divergence on the D chart that is currently playing out. As long as no hidden bull appears on the chart we should consider that altcoins will bounce in the following weeks. I have been waiting for this moment for about 4 months now, if indeed it plays out this way we will probably see some massive moves since altcoins have been completely hammered so far.


Invalid idea over 1860$ !!!


4. TOTAL mk


Nothing much changed here either, only 40 bi $ out in the last 10 days. Keeping both chart for reference :


last weeks's chart :


This week's chart (on Daily) :




We're noticing the same bull div with the RSI coming out of oversold as we do in BTC's case. This "should" send the price in the overbought area eventually.


5. TOTAL 3 - altcoins market cap


In my last report I was saying :

"Seems we had a breakout and a retest on the broken diagonal resistance and we may be turning it into support. This is what I'm watching :"





Nothing much changed, this is the updated chart :



Key points :


  • broken downward trendline and retested for support

  • golden cross/death cross negotiation

  • if support holds we should see a move up to the 4oo bil $ area

  • estimated top before correction in uptrend : 600 bil $ area


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Go bulls !


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Disclaimer : the opinions presented in the following report are my own and DO NOT CONSTITUTE FINANCIAL ADVICE. Cryptocurrency trading is a very risky endeavour. You can and probably will lose your money if you do not do your own research.

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