Some of you can be a little scared because Bitcoin went 5% down. This however is totally normal. Look at all of these candles. Only one of them doesn't have the wick down. And in the past year, it has been going up (in total).
If we are yet to see #uptober , now it's the time 🚀
$SUI has been grinding up for the past weeks and it's close to reaching new ATH however it has hit a massive resistance.
The grey box is the current resistance and once it tapped this area, it has been struggling to go through it. Only wicks are coming into this area and candles cannot close in it.
We can expect some consolidation at least. After it, we can go a little lower to scare off longs, liquidate some positions and head for the new ATH
It means that we are going lower. Where? The weekly marked structure is still bearish. The next lower low is at 49k and it's possible to reach that level really fast.
If it will be struggling to reach it - that's sign of bulls strength.
Somewhere at 59-60k mark I would like to see the reversal and then finally take the 70k resistance and go to new ATH.
This week is really important to determine the future of Bitcoin.
$DOGE is up 35% from my last Doge post where I told you that I am bullish on it.
Let's see what's currently happening and analyse it a bit.
Local market structure remains bullish and while $BTC is consolidating, ALT coins are running high.
Important price level now is 0.144
We must see it broken if we wan't to see new ATH. Going above 0.144 level and holding it as support would mean that we flipped weekly bearish market structure into bullish and that would give massive potential for new ATH.
Tron has seen big volume influx and there's now a new utility of it - trading on tron chain.
If we zoom out, we can see that Tron has been in an uptrend for almost 2 years. Given current context, I remain bullish and expect and fall down to my support zone (grey box).
There we have 0.618 - 0.786 fibonacci support with confluence of Volume Point of Control. This area has some structure in itself and should hold it. Also, there's a 2 year trend line that has been holding the price up.
In short term I am bearish to reach my support level but then I expect a run up when $BTC will start recovering 🚀
TON recently had very huge influx of volume and hype. Recognising the hype and context that we are in bull market, I can say that I am super bullish on it.
On CoinMarketCap it's currently top 9 mcap coin and top 23 by volume coin.
It's now retracing from the all time highs and hit first major support level - 0.618 fibonacci level. It's possible that from here it will go up but I think reaching my drawn box ($4.5 - $3.5) is very likely. There we had a lot of traded volume and liquidating those early longs would be good for big hands guys.
Therefore, I still expect a run down for short term and then - we will possibly reach new ATH 🚀