Since there have been some big market moves over the past 24h, we are sending out an update to our TA-Tuesday edition from July 9th.
The conviction level regarding a possible ABC correction shot up after we saw this sell-off move down to $11.2k. We hit exactly the target we talked about as a possible wave B top at $13.3k. It remains to be seen if wave C goes as low as 8.8k. We have some strong support at around $10.6k.
We just managed to stop above the first warning sign trigger of $260. It looks heavy, though, and we expect to break it to the downside. The next one to watch is the $220 key reversal level.
LTC looks a touch worse than ETH. Here, we already pushed through the second warning sign level at around $100. If we have a daily closing below that level, the bulls have the trendline (black) as their last resort.
We think the towel has been thrown in. It will only be a matter of time until we reach the lower end of the support line, and then later on, there might be a possible breakout to the downside below $0.25.
We are making fast progress toward the next liquidity pool at around 2,500-3,000 sats.
We did not run out of time. The market made a quick decision and destroyed the entire bullish ascending triangle setup. We broke down through that triangle line. The next support level comes in at around 5 cents.
I am curious to see how low this coin can go if we get a capitulation wave…
We broke the important support line. The next support comes in on that lower trendline (black) at around 200 sats.
BAT is fighting hard to stay above that trendline. Volume numbers will be key if we break or bounce. It will also be important to determine if the break or bounce will have some follow-through power.
Link is still looking strong. We will keep a close eye on the bullish trendline. Currently, we are already seeing a kind of consolidation, which is a positive sign.
The market still feels heavy. We have also taken out a support line. The bounce happened just above the 24k sat level. Let’s see if that one holds during the next sell wave.