Ok guys the market is not going great the past months so I will try to make regular posts trying to give my perspective and the things I am watching in the market and my TA including some new that I keep my eyes on.
Bitcoin
Let's see what the king is doing. First of all, the range that we were in from late February was lost on July 2. What is more worrisome is that the trendline we were following since October 2023 is also lost for now. To be valid, we must have closes below this trendline and a bearish retest. This will indicate that BTC has to go lower, probably to the 44,000-45,000 dollar range, which is the obvious target. Of course, this could also become a bear trap, and the price might reclaim the trend and the range. If that happens, we can finally go above the all-time high to form a new one. However, keep in mind that we already had a deviation on the lower side of the range, and a range never deviates twice.
Ethereum
In the ETH-USDT pair, we see that the same thing is happening here too. ETH lost the trend it was following since October 2023, so everything I mentioned about BTC applies here as well. If we cannot reclaim the trend, the obvious target is 2,400 dollars.
The most important chart is the ETH-BTC pair chart, and that is because ETH always runs after BTC. At this point, ETH has returned to the long-term support line. The bounce is good for now, but if ETH wants to become bullish, the downtrend must be broken, and we need volume for that. Maybe the catalyst will be when the ETH ETF goes live. I don't expect the same buying pressure that the BTC ETF had when it launched, but if you consider that ETH is 1/4 of BTC, then 1/4 of the buying pressure would still be significant.
Solana
SOL-USDT is looking really great. The support is holding, and the bounce is strong. If BTC doesn't break down to 45,000, then my target for SOL is $190.
SOL-BTC is also looking great. The downtrend seems to be breaking to the upside right now. The Solana network is currently the hottest thing out there, with building activity at an all-time high and transactions also at an all-time high. It seems that the flippening is closer than we think.
Ton Network
One of the networks I have been keeping an eye on lately is the TON network. TON has the advantage of being officially or unofficially the network and coin of Telegram, which has almost 1 billion users. The exposure that $TON has is mind-blowing.
From a technical analysis perspective, TON is in an uptrend, and it seems that nothing can stop it right now.
The sentiment is extremely bearish at this point. The German government keeps transferring its BTC holdings and selling like crazy, and the Mt. Gox FOMO is finally becoming real. I believe the next few months will be bearish, and the trigger for the continuation of the bull market will be the Fed lowering its rates in the fall.
Posted Using InLeo Alpha
I think Ton has hit a jackpot with all that telegram users being integrated into it. I think it'll probably be one of the best performer of the bull market.
yea ton has an amazing exposure to an unbelievable number of potential users and I that give amazing returns to investors.