- The FTX bankruptcy story isn’t over yet
- Altcoins that held above their June lows are worth noting
- Generally speaking, there’s a high probability for more downside moves in the next few weeks
Bitcoin / ($BTC)
- Price bounced off same downward resistance trendline from all time high
- So far, the deviation above the trendline appears to be another fakeout
- Today’s price bounce was triggered purely by the October CPI print and equities
- This hype will eventually die out
- Target remains between $14,000 and $15,000
- As the FTX story unfurls, I believe there will be major sell-offs driving crypto prices farther down
Polygon / $MATIC
- I’m identifying a local “broadening top pattern” coming out of the June lows
- The bounce from $0.76 to $1.10 tells me there’s a tremendous support – MATIC is a winner going into the next bull run
- Daily RSI also favors overbought levels
- These are signs that the momentum for MATIC could be waning
- My re-entry target is anything below $0.75
- I’m looking for the RSI to come off the upper band and sit below 30 for a good re-entry position
Algorand / $ALGO
- Contrary to Polygon, $ALGO is showing a broadening bottom pattern
- Generally this pattern is bullish, but difficult to see any bullish move here
- I’m anticipating a move down
- This thesis works in tandem with Bitcoin and Polygon’s projected price movements
- Generally this pattern is bullish, but difficult to see any bullish move here
- I’m looking for a re-entry below $0.30 considering the volatility printed here
- This “broadening bottom” could actually be a bear flag in disguise
Cosmos / $ATOM
- We identified this support range based on Fibonacci Retracement levels last month on October 6th
- $ATOM tested the bottom of these support levels and bounced back quickly
- This price action reaffirms the strengths of the support range (for now)
- I’m not looking to add to my position unless there’s a clear break well below the support range (closer to $8)
Chainlink / $LINK
- $LINK appears to be largely unaffected by any major price swings in the market
- I’m using the parallel channel drawn in the chart above to determine a buy range
- Anything below the dotted line is where I’m adding to my position