BTCUSDT 29200 Weekly Update August 08th 2023 #31 #2
BTCUSDT continues to consolidate around 29000-28500 as bulls are defending the 0.382fib (28700). The 0.5fib at 28100 will be the next pivot support.
The range ~28700-28100 will represent a temporary support
If the support at 28500avg is successful, bulls must secure ≥50% profits at 31.5k in case the trend fails to break 31.5k.
Bulls must have SL at 3.5-4.5% below avg, in case the support at 28500 fails to hold
BTC Macro
Bitcoin and ALTS could be entering their last accumulation phase, which is Aug-Nov2023.
Most alts are already 95-99% down, while the Total2 is nearly at 10-12M prices at 550B.
Total2 has still not yet taken out its M21ema, which is a critical pivot point before the start of the Altseason.
The range 400B±10% for Total2 could represent the macro bottom or support for alts.
Therefore, if Total2 hits the low 400B, it will be difficult for alts to make new lows, this includes also ETHEREUM. So bulls need to watch the 400B mark as market is entering the accumulation phase.
ETHEREUM MACRO
Ethereum is consolidating btw 2000-1000 in the last 14M (June 2022-Aug2023)
1050-950 range still represents the primary support or accumulation.
The probability of ETH retesting 650-550 level, which is the 0.5fibs, is getting lower.
Additionally, ETH Bulls have not been able to take out the M21ema just like the TOTAL2 is not able to break it M21ema. Therefore, will focus on 1050-950, which could also coincide with Total2 retesting 400B±10%
The range ~28700-28100 will represent a temporary support
If the support at 28500avg is successful, bulls must secure ≥50% profits at 31.5k in case the trend fails to break 31.5k.
Bulls must have SL at 3.5-4.5% below avg, in case the support at 28500 fails to hold
BTC Macro
Bitcoin and ALTS could be entering their last accumulation phase, which is Aug-Nov2023.
Most alts are already 95-99% down, while the Total2 is nearly at 10-12M prices at 550B.
Total2 has still not yet taken out its M21ema, which is a critical pivot point before the start of the Altseason.
The range 400B±10% for Total2 could represent the macro bottom or support for alts.
Therefore, if Total2 hits the low 400B, it will be difficult for alts to make new lows, this includes also ETHEREUM. So bulls need to watch the 400B mark as market is entering the accumulation phase.
ETHEREUM MACRO
Ethereum is consolidating btw 2000-1000 in the last 14M (June 2022-Aug2023)
1050-950 range still represents the primary support or accumulation.
The probability of ETH retesting 650-550 level, which is the 0.5fibs, is getting lower.
Additionally, ETH Bulls have not been able to take out the M21ema just like the TOTAL2 is not able to break it M21ema. Therefore, will focus on 1050-950, which could also coincide with Total2 retesting 400B±10%
