Rob's crypto market report for #NoHypeTraders - May 3rd 2022 Clear skies ahead
Updated: May 24, 2022
Bitcoin analysis
DXY dollar index analysis
OOKI coin analysis
THETA coin analysis
ATA coin analysis
TLM alien worlds analysis
MATIC coin analysis
Hi guys, I will be sharing with you some personal trading ideas here. As usual they do not represent financial advice and you will not trade on the following scenarios before doing your own analysis. Crypto trading is a very risky endeavour and if you are not careful you can lose all your hard earned money.
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Total market cap stands at 1.8T $ on the 3rd of May 2022. We had a bit of a fake out move up last week that ended in altcoins capitulating over the weekend. Bought some more at cheaper prices.
BITCOIN
As I was anticipating last week, we had a bearish divergence on the daily timeframe that invalidated the previous bullish one. Because of the massive uncertainty in the markets I am now trying to revise my big picture scenario.
Elliott waves :
So, we had 5 waves in A, 3 waves in B, 3 waves in C and a completed 1 & 2 from the new impulsive wave that started on the 28th of March. If indeed my analysis is correct, we are now very close or already started wave 3. Targets on the chart - 67k & 84k ( in the near future - about 68 days or so ).
One the MACD we are seeing a potential bottom in play that confirms our EW count. Very close to a bullish cross, under the histogram, sales volume decreasing. Bullish.
In order for BTC to continue it's run it must overcome the 42.000$ area for now. A clear breakout and re-test for support would confirm continuation. Invalidation stands under 37.500$ with a first target in the 33.5k area followed by a possible (short) dip to the 23.6k area.
Bull(ish) : 4h close over 40.800$ targets 42.500$ and 45.500$ if we get the volume. We already had a test of the 38.000$ area that held, what I want to see is a re-test on the descending resistance to turn it into support.
Bear(ish) 4h close & retest under 37500$ targets the 33.500$ area
2. DXY
I was saying last week :
"If DXY doesn't get rejected here, at the 102.4 points level it should mean that our BTC scenarios will take longer to execute. On the other hand it also means we will get the chance to buy lower."
It didn't stop and I bought crypto lower. I'm sticking to the Plan.
3. OOKI
OOKI hit the support levels at 0,012 once again and then ran up to the 0,014$ area. Sold half and made a re-entry again at the 0,011 $ area. We are seeing bull divs being formed and I think it will run up more aggressively than BTC. First target is in the 0,02$ area, once we get there I will update my trading strategy on the live trading channel.
4. THETA coin
We had a bear div that invalidated any bull buyers completely. We hit the target in the 2.2$ area. We didn't play any short positions, but increased my spot buys.
bull(ish) : 1 day close over 3.4$
bear(ish) : daily close under 2.10$
5. ATA coin
Same as in the other altcoins, ATA took some beating over the weekend. Is now retracing the selloff and we should see a run up soon.
bull(ish) : 4h close over 0,34$$ - target in the 0,4$ area - may buy more,
bear(ish) 4h close under 0,27$
6. TLM
The chart is almost an exact copy of ATA's. Same train of thought.
bull(ish) : 4h close over 0,0860$ - targets on chart
bear(ish) 4h close under 0,0730$
7. MATIC
We are seeing a successful retest of the broken descending resistance. If this holds we should be seeing the start of the mini bull run.
bull : 4h close and retest of the 1,33$ area.
bear 4h close and retest under 1$ area.
Targets are in the 25-30$ area on the next leg up. Until then I will try to accumulate more on coin-m.
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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.