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 earn passive yield with Sui DeFi.
For any crypto related questions please comment on the website.
Market Analysis
Bitcoin
It looks like the market has decided that the new number to beat is $94,000.
And while not perfect, the price has been steadily grinding higher since that epic 10k candle day 2 weeks ago.
Currently we are forming an ascending triangle. A pattern that is generally seen as a continuation pattern in a bullish uptrend with about a 72% success rate.
The breakout target from this is 100k.
A lot of people expect “up only” in markets. It doesn’t work like that.
But a Bitcoin all time high breakout is often close to it.
This temporary consolidation may not last much longer.
SIGNAL: Go long on the breakout above 94K with targets at 100k and 110k.
Solana
Lots to talk about on this Solana chart.
Let’s start with the orange line. This is the line of resistance from the weekly close from November 2021. The only higher price action than that is the high price mark around $260 which was a wick where the price traded only for a few minutes.
We are shockingly close to price discovery here.
Second thing to notice is the yellow box. This was a critical area of price resistance for the entire year. Retesting this yellow box to flip what was once resistance into support would be totally cool and normal if it happens.
Third thing to note. Daily MACD is getting pretty over extended. Which could add more weight to a cool off to retest the yellow box.
Reminder!
The weekly MACD still looks great and is in a strong uptrend.
SIGNAL: Go long on a breakout over $250 with targets into price discovery. Go long on a retest of $210, the yellow box. Obviously it needs to hold as support. If it starts closing under $210 with daily candles then that could invalidate this. No trade right now. Waiting to see which of these triggers play out.
Ethereum
So Ethereum a couple of weeks ago finally blew past $2,800.
This had been a critical line of resistance. Price surged over $3,400 after this breakout.
But what now? Well, ETH is chilling at a slightly less important area of previous support and resistance (the top orange line). If price can maintain above this line then we can get prepared for a move up to try to take out resistance at $3,500.
On the weekly… just look at this! ETH is getting ready to cook hard. Only a matter of time. ALTHOUGH this triangle extends all the way into October next year. I don’t think we will need to wait that long though. Likely that ETH breaks out of this pattern by end of year or perhaps in January if previous cycles can give any guidance.
The breakout target from this insane triangle is $7,500… which also lines up with the 1.618 FIB line. Interesting…
That assumes the price starts moving above the top orange line.
If the price starts trading below the bottom orange line then that could be a major warning to get out of the market. ETH has respected the bottom line, which is the up trend line for two years now. It is critical.
One day this meme will stop being true. The charts foresee it. ETH…
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.
