Watchlist Update (Jun 20 2022)

Posted On Jun 20, 2022 |

This article summarizes the watchlist posted on Discord. As always: Read the charts, find the boxes and trade the boxes!

Bitcoin

So, overall, I think we're due for some relief, the selling over the last few weeks has been significant. We bounced off of the horizontal support of $17,300 which was good but we did not set any bull divs or any bullish trading signals to be honest. Until the macro changes, I don't think the bottom is in, but I do think the next 7, 10 days can give us a bit of relief, maybe to say $23,000 BTC.

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Ether

If I were to play any coin, it would more than likely be Ether, simply due to the chart looking like it's due some relief and also the liquidity element. Overall, Ether has battled with the main master uptrend line (yellow line), and now just about holds above it. For me again I think until the macro flips, I think we still get lower prices, I feel $600, 800 is the level now, but who knows. If we get a fast move down in the next week or so for instance and the macro still hasn't flipped, then we could go lower than the target range. Now is about assessing the data that comes out to assess when the FED is likely to flip, until that happens, chances are we're still yet to see the bottom.

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FTT

Again, FTT has held up reasonably well. I like the fact that the horizontal support has remained supported 3 times now at $22.29. We have actually created a few local bull divs, so this could potentially get some momentum. Let's see, not looking to be too active just yet.

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Solana

Along with Ether, this is one I would consider playing. We have broken above the long, term downtrend and the volume has been good over the last few days. For this reason, I feel like we could get some relief, even to something like $42 (horizontal resistance). I am strongly considering playing this for a quick trade.

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BNB

Less confident on BNB in comparison to the other Exchanges coin FTT. BNB did get a bull div and then invalidated it. I think I am less interested in BNB and would choose to play FTT instead if I had to choose between the two. For now not interested and moving on.

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Matic

Looking really weak to be honest and we haven't gone and got any bull divs whilst hitting lower lows. I feel if the market rebounds a bit, then we will see Matic come up with it but I don't expect any fireworks. Volume also not great. Moving on.

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Polkadot

So we did get a major bull div on Polkadot which is good. The volume has been slightly better but not worth really noting. We have also got some local hidden bear divs which of course aren't great and to be expected in this kind of market. I think for now, its too risky of a play so will stay clear for now.

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Chainlink

For the first time in a while, Chainlink is actually looking much better. I really like the fact some decent volume has come in. For now, I am waiting but strongly considering this one.

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Avax

As usual Avax always showing good volume. I like the fact we have got a bull div but we're now creating a hidden bear div, so there are lots of contrasting signals in the charts (hence charts aren't the be all and end all). I feel we can get to $21 and if I wasn't such a pussy when it came to liquidity I would probably consider playing this. I think for now, there are better plays/names (that have better liquidity) to consider.

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@everyone Watchlist Summary. Howdy everyone. I hope you had a good weekend. Let's get straight into the charts. As you can see, our usual #watchlist has been updated. There are some better looking setups, however I still don't feel supremely confident as still feel the macro bottom is to come as there's more to be had on the FED/Macro side of things that'll mean prices go lower. In the above, some charts have bull divs, some don't, some are being invalidated with hidden bear divs.....yeh, slightly all over the place, but perhaps that is a good sign of what the market actually is at the moment. I think we have hit a local bottom for the next few weeks perhaps, but as I said above, I think the macro one is still to come. Remain vigilant.

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Categories: Technicals

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