• 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
  • 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
The Rebel Economist
Author: The Rebel Economist

Civil Engineer // Aviator // Photographer // Avid Coffee Enthusiast // Your investment strategies could differ from mine based on your risk tolerances, research, and time horizon, so I encourage you to do your own research as information provided by The Rebel Economist or Breaking Metrics should never be considered financial advice.

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