Crypto Verse - Update #2
“The world ain't all sunshine and rainbows" - Rocky Balboa
This is such an iconic Rocky speech. Some people love the Rocky movies and some people hate them. What matters is if the words above get to you. In any market and especially in crypto, there will be ups and downs. Some will lose money and some will make money but either case should be a lesson to learn from and as previously mentioned in our last report, we advised extreme caution as BTC was showing weakness. When in doubt, zoom out.
Previous macro analysis predictions below ✅
Luis Ricardo Guizado
Luis Ricardo Guizado
Solana (SOL)
Macro Outlook remains BULLISH.
This one is quite interesting, by looking at the RSI it already broke bearishly. Yes it could continue down and retest the 50 RSI but short term seems to be holding quite well which amazes me with most coins simply puking right now.
From a macro scope we still could expect a retrace within the next few months toward the $100 - $80 price range and we'll still be completely bullish. On the other side, if the price is able to maintain above $144 we’ll more than likely revisit $180’s. We’ll be posting updates as time goes on.
Short term its GAME ON.
We had an extremely bullish hammer candle printed in the 3 day chart which only means one thing, bulls have defended that level. Not only that but we have already taken liquidity off previous lows now. Any retrace toward $120’s should be a buy. $110 must be defended at all costs, we do not want price sweeping this low.
Ethereum (ETH)
Macro outlook remains BULLISH
Previous report we mentioned RSI which broke bearish… It has now reached the 50 retrace which should act as support. Of course it could go lower but as long as we maintain RSI above 50 it's all good.
For now, the price broke bearishly. It is crucial to reclaim back above $2,800 for further upside. If $2,800 acts as resistance then we could easily create a trading range from $2,800-$2,000 and dip as low as $1,600 and still be completely bullish (this will be the ONCE IN A LIFETIME LONG opportunity).
Any trades to be made right now? NO, price looks like it wants to revisit $2,000 again. There are no clear trading setups right now. We’ll rather stay on the sidelines for now and jump in once we see more confluence.
Rune (RUNE)
We are at a critical point right now. Monthly RSI is currently sitting at 50 level and positive reaction here must happen soon. The $3 level must act as support, otherwise we’ll be going down to low $2’s. From a macro view if $3 holds might be in for a pump towards low $4’s. For further upside to continue we must reclaim above $4.2 as support.
If we close this weekly chart above $3.22 is game on as it will mark a reversal hammer candle. If we close below $3 we might be in trouble. Overall not the best looking chart but there’s hope for a bounce swing trade here.
Dogecoin (DOGE)
We hit our ideal macro long entry of $90 -$80 here, now what? Monthly RSI is just above the 50 which is great. July’s monthly closed with a doji candle indicating possible reversal. Prices must start moving up soon if we want this level to hold.
Bullish scenario we close this week at $1 or above and we’ll create a bullish hammer candle and odds will then favor longs. A swing play towards $1.3 will be ideal but overall this chart looks like shit, weekly RSI is already below 50. For the structure to actually turn bullish again we need to clear $1.45. Otherwise this will just be a dead cat bounce.
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