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Rob's crypto market report 3rd of October 2023

BTC DXY BTCDOM TOTAL TOTAL 3 EGLD CRV FIL THETA MATIC analysis




The total crypto market cap stands at 1.131 T $ on the 3rd of October 2023.


1. BITCOIN


Last report's idea is still in play, but we do have some further development price action that should help us move on with our trades. Keeping previous chart as reference :



Updated on weekly :



The hidden bullish divergence is still playing out. We are seeing HH's and HL's impulsive structure being built. Next weekly targets are situated in the 30.4k area. Retest of support is no longer necessary for continuation to the upside in my opinion. However if we do get a retest or worse, lose support, we should find relief at the 21.8k area for new entries.


For now our yearly plan is still valid, the correction stopped and bounced from the 0.382 fib retracement level as expected. This is in line with the Elliott waves expanded triangles formation that we are watching develop since November 2022.

The full plan is here.


Going to daily chart :


Our bullish set-up from previous report played out in part securing some nice profits yesterday :


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

Short : 4h close under 25.200$ targets the 23.300$ and 21.800$ areas.


Same setup is still in play. If you managed to catch the entry at 27.200$ stop should now be raised in profit. I'm looking to double position on successful 4h close over 28.100$ levels.


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



2. DXY


Had 11 weekly green closes in a row. Wow. In the past 30 years this only happened on one more occasion. Afterwards correction followed.


DXY updated weekly chart :



Key points :

  • DXY had another push over the 106 $ area

  • targeting either 0.618 fib retracement level at 107.7$ or...

  • targeting 0.786 fib retracement level at the 110.7$ level

  • expecting further downside after bounce is complete

  • correction wave C missing on chart




3. BTC.d


updated chart :




We had a rejection from the 1.414 fib level, as long as this doesn't continue higher to the 2.0 or 2.618 fib levels we should get some nice upward moves on altcoins.


From another POV, if btc.d goes higher alongside an increase in TOTAL would provide the same upward moves on both BTC and altcoins.


We already had nice moves on selected alcoins. In the past 30 days some even better than on BTC (UNFI 3x, RUNE 1.5x).





4. TOTAL mk


Nothing much changed here either, only 30 bil $ back in the last 10 days. Keeping both charts for reference :


last weeks's chart :


This week's chart :



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


On Ichimoku we are holding the lower part of the cloud. I'm expecting a push to the upper side of the cloud at the 1.47 T $ levels. Go above that and next target sits in the 2 T $ area.


Smiley in the 3 T $ area.



5. TOTAL 3 - altcoins market cap


updated chart :




Key points :


  • rounding bottom

  • bull div from oversold in play

  • 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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ALTCOINS


6. EGLD


We managed to get the retracement to the 23.9$ area as projected (last report's idea) :




"If indeed we get another correction before continuation it shouldn't go under the 23.9$ area. This corresponds the 0.618 retracement fib level needed to confirm this is the second wave of the impulsive EW structure."


Updated chart :




We had the projected bounce from the 23.9$ area and now we are seeing some consolidation. If the impulsive bullish structure continues to develop we should now hold the 24.5$ area.


Major resistance : 28-32$ area

Major support : 22$


7. CRV


Previous idea :




We reached and passed our previous target. This is the updated chart :




I'm expecting a retest of the 0.618 fib area situated at the 0.445$ levels. If this plays out and we see a 4h close over estimated bottom we should set a target in the 0.609$ area next.


8. FIL


Last report's chart :




Updated chart :




We didn't manage to reach our previous target, same scenario is still in play. Targets marked on chart.


9. THETA


Also one of my biggest bags, currently holding open long position on coin-m.




We had a breakout and retracement to the 0.618 fib levels of previous impulse. As long as this holds and bounces we should see price going to the 0.73$ levels next.


I'll keep updating the trades on the live trading channel.


10. MATIC




After doing an almost 5x !!! bounce in January-February MATIC retraced and finally seems to have found a bottom in the 0.5$ area.


Resistance be overtaken as support : 0.556$

Next target : 0.66$


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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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