Watchlist Update (Mar 22 2023)

CryptoExplorer Author

Posted On Mar 22, 2023 |

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

@here **BTC**

Beginning to look too extended here. I believe we can get more excitement today on the J Powell's commentary in the Press Conference if he indicates the ending of rate hikes or that it's potentially the end, so this could give us more upside. But I think this would see price move into the red box resistance zone where I have layered Short orders for BTC that I hope to fill tonight. And then profit from in the coming week or so as/if the market pulls back.

**ETH**

Looks more positive than BTC in that it's not as heavily over, extended on the RSI and it's found some support above the $1,745 horizontal resistance zone. Even though I think BTC can drag the whole market back as it's over, extended, I wouldn't want to be Short some of these ALTS (ETH being one of them) simply because it has a mix of bullish and bearish signals and it's not worth me getting caught offside. The play for me today is a BTC Short if we can get the fills tonights, will stay away from ETH for now.

**SOL**

In a real mixed no mans land here. The local uptrend is holding and the RSI is in the 50's so very in the middle. We're currently at the local orange box and also the main downtrend line, so big resistance, but it is looking as if it can break above it. I think this may be one that is actually good for a potential Long here with the expectation that tonight's Powell speech could drive the market higher, SOL could be one that performs well under this. I would play this very small if I were going to, I would also prefer to stick to BTC Short as I think it's the cleaner play. SOL looking good though, nice to see.

**MATIC**

Not looking strong at all really, rejected at the horizontal resistance of $1.21 and now underneath the local uptrend line. Not interested in this one at all really, haven't been in a while, and recent action shows why we haven't been interested.

**DOT**

Similar to MATIC in that it's rejected from a horizontal resistance and now found itself underneath the local downtrend line. I also note that this rejected in the orange box, which is a big sign of weakness in my opinion, another I'm not interested in.

**LINK**

The opposite of MATIC and DOT, looking much stronger and that it may be able to break above the local horizontal resistance of $7.50, big resistance though. Overall here though, not clean enough for me this one in terms of direction, so going to stay away.

**RUNE**

Playing out how we expected but nothing too exciting here. Playing between the support and resistance of $1.36 and $1.51. You could play the ranges if you wanted but I don't think it's really all that worth it, unless we see a break of the range, then I'd look to play that, that'd be a good trade.

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