This Week.

1. Bitcoin chops in a tight range post $55000 reclaim.

2. Ethereum shows strength in both USD/BTC pairs.

3. Introducing Wicrypt. The Smart WiFi Network Powered By You.

4. Zoom-In: Dusk Network (DUSK) and Solana (SOL).

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1. Bitcoin chops in a tight range following $55000 reclaim.

Last week Bitcoin/USD broke the $55000 multi-timeframe support line making a low of $53308. We expected a retest of the $52000-$50000 zone once the daily close confirmed the lost support and this was where we had our bids, unfortunately, and perhaps fortunately for Bitcoin bulls, we never got filled.

Bitcoin/USD reclaimed $55000 support and has traded between that range low and $59000 range high since.

What now?

Below the current price, we expect a pullback to $50000, maybe a wick below.

Above it, a reclaim of $60000 as support would set the scene for a retest of ATH.

From a risk: return point of view, fresh longs at the current price don’t make a lot of sense because of the $60000 resistance. If we do catch the $50000 punt fills, that’ll present a better R: R rate because invalidation is much closer.

Except you’re a Bitcoin maxi, chances are you’re looking to position in alts and you’re not saving your gunpowder for Bitcoin. Bitcoin price is important because alts are still negatively correlated to Bitcoin price action.

In the best-case scenario, Bitcoin continues to range and alts pump. But unless Bitcoin joins the party, chances are we have reached the end of the bull run. So, manage your exposure properly. Hopefully, you get into popping sectors like Web3 and Metaverse. Catch the ride up, and get off in time for the dump. We’ll keep an eye out for you, so, stay tuned.

Ethereum in the driver seat in USD and BTC pairs.

ETH/USD continues to consolidate above $4000 after reaching an ATH of $4800.

The last meaningful resistance is at $4600 and we expect ETH to break that level for a retest of the ATH price for continuation. This price action in itself doesn’t tell us much asides from establishing the dominance of ETH bulls. We get more insight into what ETH is more likely to do from its BTC pair.

ETH/BTC made a new multi-month high at 0.08356BTC this week after breaking the 0.078BTC daily resistance level. We expect ETH to repeat the same feat v USD pair and break ATH.

There’s a clear bullish case to be made for ETH (as long as Bitcoin/USD continues to range.)

Price action has been slow and grinding across both majors and maybe this has something to do with the fact that on-chain data confirms that most Bitcoin is now held by institutional traders/long-term holders as Bitcoin held on exchanges continue to go down.

Whatever is left for retail doesn’t look like it’s enough to make the price go parabolic as we saw earlier in the year between February and April.

We don’t think we’ll see a lot of sellers at this level so we expect the price to continue to hover around it until more reallocation from Bitcoin to Ethereum helps the price break the barrier.

Below the current price, we expect $4000 to continue to hold. A daily or weekly close below it is an invalidation of ETH strength.

Above the current price, the sky is open in its USD pair (we are going to ignore Fib lines for now) and 0.1BTC is the next trouble area for the BTC pair.

3. Introducing Wicrypt: The Smart WiFi Network Powered By You.

Wicrypt is a decentralised mobile internet sharing and monetization network. What this means in essence is that people and businesses are able to both monetize and benefit from a decentralized internet sharing model.

The users power the network and are incentivized by the company to create and manage WiFi zones.

We’ll unpack more details about this project on our next episode of #CryptoRounUpAfrica. Join us at 8 PM today to learn about how you can make money creating WiFi zones from your phones and PCs. We are speaking to the founder of Wicrypt, Aronu Ugochukwu.

Follow @avogroovy, @oloye__ and @craspaces. Use this link to set a reminder and join the conversation on Twitter spaces.

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4. Zoom-In: Dusk Network (DUSK) and Solana (SOL).

On our spotlight this week are Dusk Network (DUSK) and Solana (SOL). 

DUSK has remained range-bound for a while and has been in a long consolidation period since the macro market structure breakdown in May. 

The stars are starting to align for DUSK as chatters and the narrative of Zero-Knowledge rollups (ZKs) are starting to pick up recently. DUSK offers ZK rollup infrastructure and testnet is just weeks away. This could be a major catalyst for the price rally as traders race to front-run the launch.

Price is currently sitting above weekly open at $0.32 and retesting support. If support holds, an upward move to challenge resistance at $0.38 which is the last supply zone before the all-time high is next. If the challenge fails, support sits at $0.29 which was old resistance that was flipped to support on the daily time frame.

Solana is currently above both daily and weekly open at $213 with strong bullish candles. Volume is equally picking up too as Grayscale just announced it has added Solana to its digital asset trust in order to give institutional investors access to this well-performing base layer protocol with a thriving ecosystem.

Resistance sits at $220 which has to be broken to see continuation towards an all-time high. If the price is rejected due to current market conditions, $185 is a good zone with confluence to bid on a pullback.

It is important to note that the altcoin market is still mostly dependent on what bitcoin does and the overall state of the market. If bitcoin remains relatively stable then we expect the spotlighted coins to perform well.

The contents herein are for educational, informational and entertainment purposes only. It should not be considered financial or investment advice. We are not financial advisers and have no experience in the field. Please talk to trained finance professional before making any investment decisions.