Gm friends,
Welcome back to another Premium Investor Report.
Let’s jump in!
Here’s what’s in today’s issue:
- Technical analysis on the current market.
- A DeFi tutorial on how to execute looping on Solana with Jupiter and Kamino Multiply.
For any crypto related questions please comment on the website.
Market Analysis
Bitcoin and the wider crypto market stand on the precipice of some serious moves.
Let’s dive in!
Bitcoin
So, let’s actually start by looking at the gold charts. Because I want to remind you what it looks like when an asset breaks out beyond previous price highs and enters massive price discovery.
Gold, after multiple tests of $2,000 finally saw a strong and decisive breakout. Bitcoin, is just lagging right now. But it will very likely have a similar looking chart soon.
The Bitcoin monthly paints an interesting picture.
Essentially massive consolidation under previous all time highs. With any dips into the lower end of the range getting gobbled up. We haven’t had a monthly close under $58,000 since January. When the move comes, and we break $74,000 it will likely be fast and strong.
Zooming into the weekly charts. Still looking very strong on the higher time frames.
Our first major test of the downtrend line (orange line) is in effect.
The weekly MACD bull cross has confirmed and not been invalidated.
This is a powerful indicator that signals the potential for a new major trend. Last time this happened Bitcoin rallied for 6 months straight from $29,000 to $74,000.
Weekly looking good.
On the daily, Bitcoin got rejected on its first attempt to breach the resistance at $69,000. Nothing too special about that. That is what resistance does.
The uptrend is still in good shape with a new higher high coming in at 69k.
So far we have retraced back to the 66k zone, which is the previous higher high (point 1).
A move as low as 62-63K (point 2) would be fine and normal.
Keep in mind that we are threatening a daily MACD bear cross.
The last time that happened BTC dropped a further 7%. In our scenario, that would bring us down to the 62k area and converge with the 100 day EMA (blue line).
That is not predictive of course, it could drop more, less, or the bear cross may not even confirm.
Signal: Watch for a retest of the 62-63K zone to open a new long on BTC. OR, watch for a break beyond 70K. That is a sticky area though. I would suspect we see some resistance again at 72k and 74k.
Solana
Now let’s look at Solana which has had a nice rally.
The daily looks very curious right now. $160 is showing itself as a key area of price control right now. Three times it acted as resistance, and it has now broken through. Can it hold as support? Not if Bitcoin drops down to 62k. In which case SOL is looking at $150.
It would be nice to see of course, and if Bitcoin doesn’t drop further then Solana could be free to run a bit.
Solana, of course, has been a very strong asset this cycle, and once old man Bitcoin decides he wants to go higher then Solana will likely outperform BTC by a factor of 2 to 1.
And, no, I did not forget about the weekly MACD bull cross for Solana. Which has confirmed. Although just barely.
Losing it would not take much downward price action. Buy…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
