Risk-On Assets Are Waking Up – Crypto Piece
Risk-On Assets Are Waking Up – Crypto Piece
Altcoins Are Making A Comeback
Note: We’ve just released our Q4 2024 Cycle Forecasts for sale to everybody. You can read more about these Forecasts here. Access all different asset Forecasts at www.cyclesedge.com.
Bitcoin Technical Analysis
Bitcoin on the weekly chart has put in a very healthy consolidation. Price maintained above the weekly 55-EMA, weekly RSI held above 40 level, MACD has made a full reset – it doesn’t get better than this!
Price has now reclaimed the weekly 9 and 21-EMAs – another bullish sign. The key level we’re watching for a weekly close is $69.5k now. That would be an all clear sign for the bulls.
On the daily timeframe, Bitcoin has played out a classic reversal pattern – bullish RSI divergence from the 5thof August and 6th of September lows. Price has been riding the daily 9-EMA, which is a sign of an aggressive uptrend. Any pullbacks to the daily 21 and 55-EMA (currently at $62.5k and $61.3k) are buying opportunities right now.
Ethereum Technical Analysis
Ethereum has also put in a similar bullish RSI divergence, but has been slower than Bitcoin to the upside. Bitcoin is already above its late-August highs, but for ETH to achieve that it must close above $2825.
We’re confident that in Q4 2024 that’s just a matter of when rather than if. Ethereum has already reclaimed the daily 9, 21 and 55-EMAs. We’re of the opinion that a strong upside move is brewing for October and even our proprietary Cycle Forecasts suggest the same outcome (as we’ll cover later).
Next up, we’ll take a look Bitcoin’s seasonality. Then we’ll provide our proprietary Cycle Forecasts for Bitcoin and Ethereum to provide a directional and timing Edge. After that we’ll provide an update on the state of the altcoin market. Lastly, we’ll present you with 2 Money Making setups – an altcoin found on Coinbase and an altcoin found on MEXC or also on multiple decentralized exchanges.
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Bitcoin’s Seasonality