Trader Monitor -1st Ed

Where do our watchlist assets stand after the late February crypto market correction? Tune in to this week’s trader monitor to find out.

Bitcoin is back in a big way so far this week, and is up over 10% in a 72 hour span. It has gained about 3% so far today to cross back above $54,000. BTC has posted 5 straight green candles in a row and is heating up this week. A break above the previous 20-day cycle high of $57,500 would likely kickstart this market to even hotter levels. Above that level $60,000 would be the next upward resistance level, after which we enter blue horizon territory. However this week we need to pay attention to the previous high and the 21-day moving average. We will likely bounce between those two levels before seeing a big breakout in either direction - yes, we are not out of the woods yet for another price retracement. That moving average level will be critical this week.

Here’s BTC in U.S. dollar terms via Coinbase:

Litecoin has had a rough go since the market dip two weeks ago, dropping from highs near $245 all the way to about $158 on Feb 23, a loss of over 35%. Since then LTC has failed to break above its 21-day moving average, until today, as it has gained 3% today to cross the key metric. LTC is up 10% in a four day period, but still has a long way to go to get back to recent highs and further to go from there to return to ATH. Litecoin’s previous short term cycle high is $237, and a return to that level would be a strong buy signal.

Here’s LTC in U.S. dollar terms via Coinbase:

Ethereum

Ethereum has had one heck of a week so far after showing signs of weakness for a few weeks. Last week ETH had been hovering around $1,500 and had been unable to break through $1,600 after multiple attempts, however on Mar 6 ETH was able to finally break that level and is up 20% since then. Just like Bitcoin, Ethereum is now trading above its 21-day moving average and is trading only slightly under its all-time high. ETH’s previous high of $1,961 is the previous high for both its short and medium term cycle. A break above that level will be a strong buy signal and we would likely see the bulls take ETH on a run after that.

Here’s ETH in U.S. dollar terms via Coinbase:

Chainlink hit a high of over $34.72 on Feb 20 before crashing down to $20 on Feb 23, a 43% loss. In the two weeks since then it has gained just under 50% to settle in around $31 today. LINK is trading just below that previous high, and will flash a buy signal as soon as it manages to cross back above that level. In the meantime it has been struggling to cross above the $32 level so far this week.

Here’s LINK in U.S. dollar terms via Coinbase:

Tezos skyrocketed to a high of $5.28 on Feb 14 before dropping 48% to a low of $2.94 on Feb 23. Since then it struggled to break back above $4.00 until finally achieving the mark at the start of this week. XTZ is up more than 50% from its lows 15 days ago, but today is struggling to solidly break above $4.50. XTZ won’t flash a buy signal until it breaks the previous highs of $5.28, but it will likely face resistance at each $0.50 mark on the way up.

Here’s XTZ in U.S. dollar terms via Coinbase:

Cardano has been on an absolutely red-hot tear all year long; after starting 2021 off at under $0.20 it blasted off to a high of over $1.50 on Feb 27, and is currently an open position. As long as ADA remains above $0.95 it will remain a buy, and its next upside target is about $1.30 on its way to the previous ATH. Cardano has reverted back to its 21-day average for the last week of trading while the RSI has been cooling off. Expect a break in either direction in the near future.

Here’s ADA in U.S. dollar terms via Binance:

Zcash exploded in early February, growing from $85 on Feb 1 all the way to $214 12 days later on Feb 13, a gain of over 150%. After reaching that high, ZEC retested $100 on Feb 23 and struggled to break back above its 21-day moving average until today, now that it is trading at about $136. ZEC is currently an open BUY and will remain that way until/unless it breaks below $88.

Here’s ZEC in U.S. dollar terms via Coinbase:

What’s Next?

Looking forward to the rest of the week, we are looking for two things specifically: each asset needs to mark at least 3 closes above their 21-day moving averages to confirm an end to the price correction of late February, secondly we will be looking for most of our watchlist to cross above the latest cycles highs where they would all flash new or additional buy signals.