🔔🔞 How Bitcoin Can Get You Your Heart's Desire 💖 BTC ETH LINK
Introduction:
💬 The weak dollar, DeFi hype, and tech boom during COVID have been great for crypto. This can be seen by looking at Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK). This doesn't mean we won't see a correction after the current consolidation period (something we are already seeing a bit with LINK), it just means overall things have been up-and-up and are still looking good. The more crypto booms, the more ground BTC, ETH, and Chainlink take. The more ground they take, the more crypto booms. That said, history and logic tell us we have to see a pullback at some point, let's take a look at these three leaders of crypto to get a sense of the current overall market conditions.
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BTCUSD 4h:
BTC Support:
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Summary:
All eyes are likely on BTC to hold the channel. BTC holding will help ETH and Chainlink hold their support levels. Meanwhile, BTC pushing above the channel and R2 should help the other cryptos launch. Given the DeFi boom, it is also possible ETH or even LINK steps in to pull the rest of crypto along for the next leg of a bull run, but our money is on BTC holding up the market here.
With all of that said, bears will be ready to feast if the supports noted above start to fail... even if that feast is more temporary than we have seen over the past few years (as it tends to be in true crypto bull markets).
Resources:[/I]
coindesk.com/ethers-rally-to-25-month-high-on-defi-boom-drives-record-demand-for-derivatives
✨Drop a comment letting us know what you think!✨
💬 The weak dollar, DeFi hype, and tech boom during COVID have been great for crypto. This can be seen by looking at Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK). This doesn't mean we won't see a correction after the current consolidation period (something we are already seeing a bit with LINK), it just means overall things have been up-and-up and are still looking good. The more crypto booms, the more ground BTC, ETH, and Chainlink take. The more ground they take, the more crypto booms. That said, history and logic tell us we have to see a pullback at some point, let's take a look at these three leaders of crypto to get a sense of the current overall market conditions.
Hit that 👍 button to show support for the content!
Help the community grow by giving us a follow 🐣
-----
BTCUSD 4h:
BTC Support:
- S1: The orderblock and previous S/R range at the bottom of the channel is likely to be the saving grace of crypto. Or at least this is the bull's best hope. As you'll see, the other cryptos will benefit from a show of strength here.
BTC Resistance: - R1: This range at the previous swing high which contains an orderblock is the first point of resistance for BTC. The bulls don't need to take this out right away, but a push above this range would be a great show of strength.
- R2: The orderblock range at the top of the channel is the last hope for bears who want to ensure there is no chance of a retest of previous All-Time Highs. Meanwhile, a clean break of this level would signal it is game on for the bulls.
ETHUSDT 4h:ETH Support:
- S1: The support range at the previous S/R flip is a logical level for ETH to consolidate and run from. ETH has already tested this level twice, so technically it could just be up from here, although it would be far from uncommon to see another retest as we consolidate.
- S2: The range at the S2 orderblock, where the bodies of the range low candles sit, makes sense as support if S1 can't hold. Below this ETH loses some bullish market structure. It sets ETH back a bit if we linger below S2, although after such an epic run any level of correction wouldn't be out of the norm.
ETH Resistance: - R1: The range at the previous swing high and orderblock is our first level of resistance. This level is bound to be reacted to as long as we consolidate.
- R2: There is some resistance above, but for our purposes, this range is what the bears will need to defend and bulls will be looking to take out. A break above this level is very bullish for ETH.
LINKUSDT 4h:LINK Support:
- S1: The level created from the previous support found on the way up is a logical place to bounce from. However, after losing this much market structure it is doubtful the bulls will be able to quickly pull out of the tailspin.
- S2: The S/R flip range here is a reasonable support level for LINK. There is a chance price goes lower once we get here, but on the plus side for bulls there is lots of support to start looking at starting at S2.
LINK Resistance: - R1: The most immediate threat to bull kind and the great hope of Zeus capital is the range at the R1 orderblock. A rejection here is key to the bearish ABC that takes us to S2 as shown on the chart.
- R2: If the bulls can manage the retest the top, it'll be the bear's last chance at keeping LINK away from mind-melting highs. Retesting this could however be a long time out if bulls don't act quickly.
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Summary:
All eyes are likely on BTC to hold the channel. BTC holding will help ETH and Chainlink hold their support levels. Meanwhile, BTC pushing above the channel and R2 should help the other cryptos launch. Given the DeFi boom, it is also possible ETH or even LINK steps in to pull the rest of crypto along for the next leg of a bull run, but our money is on BTC holding up the market here.
With all of that said, bears will be ready to feast if the supports noted above start to fail... even if that feast is more temporary than we have seen over the past few years (as it tends to be in true crypto bull markets).
Resources:[/I]
coindesk.com/ethers-rally-to-25-month-high-on-defi-boom-drives-record-demand-for-derivatives
✨Drop a comment letting us know what you think!✨
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