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- Dgenz Crypto Weekly 002
Dgenz Crypto Weekly 002
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
The last week has seen a lot of red across the crypto market after $BTC unsuccessfully tested its all time highs. As mentioned in last weeks newsletter this move was to be expected as a means to liquidate the shorts first and then the longs. The daily timeframe structure on $BTC still remains bullish as it continues forming higher highs and higher lows although $BTC, $ETH and most alt coins including OTHERS.D are all sitting at resistance right now but if OTHERS.D can start closing above this resistance we should see some big moves on alts later this week and into the next. With election results expected within 24hrs and the FOMC meeting happening the following day there is bound to be a lot of volatility. Now is not the time to be trading with leverage, instead set some limit orders on your favorite alts and hope to catch some wicks.
Crypto Insights: Weekly Charts
BTC
The major swing low sits at $65K, and defending this level on a daily close is required for the uptrend to stay intact, if we see it close below $65K then this would invalidate the uptrend and see a sell off down to $63.5k. From $52K to $73K, the deepest retracement happened during the second wave when price dipped to the 0.786 fib and we've just now seen a similar pullback where it retested $67K and gave a nice 5% bounce back up. However, don't be fooled by a potential fake out, expect some major volatility across the market in the next 24-48hrs.
OTHERS DOMINANCE
Looking at the OTHERS.D chart, which tracks money flowing into altcoins, you can see that a pattern appears from previous bull cycles where first a mini alt season kicks off then followed by a sharp decline in alt dominance before alt season 1. We've already seen the first 2 phases occur so if OTHERS.D can start closing above this resistance here then we should move into phase 3 and start seeing some fireworks across altcoins.
The OTHERS.D chart highlights the market share of altcoins outside the top 10 by market cap, giving investors insight into capital flow and interest in the broader crypto market.
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Spotlight: Token of the Week
$TNSR
A spot call made a month ago in our discord at $0.33 which gave a massive 50% move up. Not only did we ride it all the way up but we successfully called 2 shorts on the way there and then finished it off with a huge short printing over a 32% spot move back down.
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