TECHNICAL ANALYSIS

The following content is an automatic translation of Tobbe Rosén’s technical analysis, originally written in Swedish.

Bitcoin: 5 new ATH in the past week

A week ago I wrote: “A recoil has begun and I believe it is already buyable down to at least the standard line. My main track is that after this contraction or consolidation we will be offered new positive trend legs.”

This past week started with a bullish engulfing candle that recaptured the MA-20 with a minor turtle soup. The rise since then has been powerful and follows well the historical pattern. In total, Bitcoin rose by 13.8 percent in the past week, which means that the year's rise is now written to 87 percent. In the weekly chart, a positive strong continuation formation developed with the largest positive weekly trend since early August.

The long trend that I use the 200-day average to point out the long direction has slowly started to point up again. The trend phase indicator is noted since October 19 in the area where we are advised to act with positive trend following strategies.

The MACD left a buy signal on Wednesday.

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Summary: Bitcoin reversed up at the standard line at the beginning of last week and since then we have been offered several positive signals and ATH quotes. In the short term, the momentum is very strong which is starting to lead to overbought levels and that a small pause/breather formation is needed before the next leg up. So far, I have no signals that Bitcoin has peaked and the target price for the inverted main shoulder I have talked about is up towards 85,000. When Bitcoin has historically risen as much or more as it has in the past week, the next week has meant gains in 65% of cases. Historically, it has been a good strategy to buy around the 10th and 21st of each month, at least when the trend is in place and the standard line is respected on recoils. If a recoil turns out to be so strong that the standard line is punctured, we will find the next important dynamic support at the 50-day moving average.

Resistance: 80000 / 85000 / 90000-11000
Support: 74000 / 69400 / 67000

The cycle indicator is noted ahead of the day around 92+.

Ethereum: Strong buy signals but risk of imminent recoil

A week ago I wrote: “MACD is now testing the zero zone, which is support with all that that implies. A first positive piece of the puzzle will be a crossing of the standard line at but it is only when we are offered a crossing of the ceiling of the current trading range that we can interpret what we see as a bottom formation.”

The past week started with a bullish harem-like formation where a doji indicated that sellers could have run out of fuel. After the standard line was crossed on Wednesday, risk appetite strengthened so that both the upper limit of the trading range and the MA-200 were passed. In total, Ethereum rose by 28 percent this past week, which means that the year's increase is now written to 30 percent. It was the third week in a row that closed on a positive note and if 3055 holds in the weekly chart, there are good conditions for a rise towards the 4000 level, although it may take a while.

The long trend that I use the 200-day average to point out is still down but the pace has leveled off. The trend phase indicator broke up this weekend into the zone where we are advised to act with positive trend following strategies.

The MACD left a buy signal on Wednesday.

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Summary: Ethereum has been caught in a trading range since late summer but since early September we have seen signs of higher lows and a rising trend phase indicator. In connection with Trump winning the presidential election, there has been a positive tone for most cryptocurrencies, Ethereum not least. MACD left a strong buy signal this week (around zero with a clear positive divergence towards the signal line). In the short term, Ethereum is overbought but so far no candlestick formation has shown signs that a top has been made and a recoil initiated. Both the standard line and MA-200 were crossed this week. I see a possible retest of the breakout level at MA-200 as worth buying. I do not see going short in Ethereum as a good strategy, but now both recoils and breakouts are bought when they occur with a relatively low volume. If Ethereum is given some time, the target is primarily the 4000 level.

Resistance: 3250 / 3285 / 3290-3310 / 3400 / 3560
Support: 3090 / 2955 / 2845 / 2765

The cycle indicator is noted ahead of the day around 97-.

Solana: Gaining momentum - is 240 the next target?

A week ago I wrote: “The cycle indicator effected a positive mini-divergence on Friday and a strong close above the previous day's high around the current level will likely be buyable. Since the low in early September, Solana has been making higher highs and lows and that is the most likely scenario going forward.”

The past week started with a test of the 50-day moving average and the recoil was eliminated on Tuesday by a positive continuation formation. Solana rose 28.9 percent last week, bringing the year's gain to 41 percent. In the weekly chart, a powerful continuation formation was executed.

The long trend that I use the 200-day average to point out is slightly rising. The trend phase indicator is noted since two weeks in the zone where we are advised to act with positive trend following strategies.

The MACD left a buy signal on November 7.

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Summary: After the breakout from the ascending triangle and the crossing of the channel ceiling, the price has now reached the previous yearly high at 210. The technical analysis for SOL/USD shows a predominantly positive picture. Both the short-term and medium-term indicators point to a continued positive trend. MACD gave a buy signal this week that so far looks strong. The rapid and powerful rise has caused the momentum indicators to become very tense on the upside and the risk of a recoil is high. A recoil will be buyable on a positive continuation formation down to at least the standard line that meets up around 180.

Resistance: 245.00/260.00/290.00-310.00
Support: 210.00-190.00 / 183.00 / 160.00

The cycle indicator is noted ahead of the day around 92-.

Bittensor: Target is set for October high at 680

Buyers were waiting at the 100-day moving average and the price quickly rose towards the standard line which met up at 540. In total, Bittensor rose by as much as 29 percent in the past week, which means that the year's rise is now written at 49 percent. In the weekly chart, a bullish engulfing-like candle developed.

The long trend that I am using the 200-day average to point out is ascending. The trend-phase indicator is noted in the zone where we are urged to act with positive trend-following strategies.

The MACD last Friday left a positive cross just below the zero zone.

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Summary: The technical analysis for TAO/USD shows a predominantly positive picture. Both short-term and medium-term indicators point to a positive trend, suggesting that the market is strong. However, it should be noted that if the uptrend continues steeply, one or more reversals may be needed to take out the upcoming highs on the way to the October high. A coming recoil will be buyable down to at least the 500 level. MACD left a positive cross last week with a clear positive divergence towards the signal line but so far the indicator is listed below zero. A crossing of the zero zone further strengthens the underlying sentiment. Even if 484 is punctured, the selling pressure risks increasing. So far, there is no signal that warns of a top.

Resistance: 611 / 660-682 / 690-710
Support: 535 / 485 / 410-390

The cycle indicator is noted ahead of the day around 23-.