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 multiply yield on Solana with Jupiter Lend.
For any crypto related questions please comment on the website.
Market Analysis
It feels like some optimism has returned to the crypto markets over these past few days. I can’t quite identify as to why, but overall, I think the market is sensing that the worst of this most recent correction is behind us. It could be a combination of the market believing that $107K is the new bottom, and the fact that people are preparing for Q4.
Regardless, there’s actually a lot of good trade setups on the charts right now. Most of the setups are long opportunities, but there’s some shorts in here too.
OK, let’s get to it.
Bitcoin (BTC)
Last week, we said that $112K is the line in the sand, and that your trades should largely be based on how price reacts with that level. That idea somewhat remains intact for this week.
So obviously, the bears have been in control for the past 15 days or so. But it seems like their momentum is running out of steam. Here’s a few things to notice:
- Thus far, the bulls have been able to fight off any 200D EMA retest. Bullish.
- Both of our MACD lines are below the zero line. But it appears that we might soon be getting a MACD / Signal crossover. If that happens, there’s a good chance the lines will cross back above the zero line. This should give us some optimism.
- Check out the RSI. The bulls haven’t allowed it to reach into oversold territory since February. Basically, the bulls step in hard every time the RSI starts hitting 40. And we’re seeing that play out again right now.
So the TLDR here is that the time for shorting Bitcoin is probably over. The best play now is setting yourself up for solid long and spot entries.
SIGNAL: Here’s the three long / spot entries to go for. (1) A $112K breakout. Wait for the price to retake and hold $112K (i.e. upper white line). Then go long. (2) A limit order at $107.3K (i.e. lower white line). This was the local bottom from this past week. (3) A limit order at $104.3K (i.e. 200D EMA, blue line). If you get this opportunity, you should take it.
Ethereum (ETH)
Heads up. We’ve got a really clean symmetrical triangle that’s formed for ETH on the daily chart. In bull markets and uptrends, there’s about a 60% chance that price breaks to the upside.
Now, even though we’re feeling more optimistic that we’ve hit a local bottom, I think you should be open to trading either a break-up or break-down, so long as you understand that the odds are favoring a break-up.
Just to confirm this symmetrical triangle, notice that we’ve got the coiling price action, we’ve got declining volumes, and an RSI that’s smack center in neutral territory. All of this points to consolidation, and it all forecasts that a bigger move is coming.
SIGNAL: Trade the triangle. Go long if ETH breaks above $4,440. Go short if ETH breaks below $4,230.
Gold / PAXG
Go back and read our analysis on Gold for last week. Seriously. Go read it.
As we suspected, Gold broke out of this symmetrical triangle. And check out the MACD on this bad boy. That’s about as…
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.
