Welcome back to the Weekly Market Review. We will take a look at the Crytpo Market, how should we react with Bitcoin staying at 50000.0 Level? We will also take a look at the current active trades, as well as some perspective on the macro view of the market. Let’s get into it.
Here are some key takeaways for this week:
- Macro Review on SPX500USD and BTCUSDT
- Trade Suggestion on USDZAR and NZDJPY
- Great trades on FTTUSDT and SOLUSDT!
Great Trades Last Week
FTTUSDT 1H Short BRC
FTTUSDT had a break below our Entry Level across the 1H timeframe. In the initial dump, the price of FTTUSDT once brought down all the way to TP2, which was the Sonar Trade Zone’s thesis area. During its retracement, Sonar Trade Zone picked up the trade, and the price filled all the Entries, indicating the Level’s confluence and headed TP1 and TP2.
SOLUSDT 15M Short BRC
SOLUSDT had a break below from the Entry Level. Before the Break below, the level was fairly tested. Once it breached the NNNN Level with 100% Alignment at 175.00, the sonar projected a trade with TP1 and TP2. The price was immediately rejected on our NNNN Level at 175.00, and price went to TP1 and TP2.
SPX500USD shows an Overall Average Uptrend, with Local RTD in an Average Uptrend, and Global RTD in an Average Uptrend.
SPX500USD is above the RNNN Level with 100% Alignment at 4687.5 during the start of this week. Soon after SPX500USD’s Local RTD traded below the Global RTD, we saw a quick pump at the SSS Level with 75% Alignment at 4531.3. Observing from the past, we might see a consolidation around the RNNN Level at 4687.5. If SPX500USD breaks above RRRN Level at 4687.5 and switches the Resistance Level to Neutral Level, then we will enter the market under a Swing trade Strategy.
BTCUSDT shows an Overall Average Downtrend, with Local RTD in a Weak Downtrend, and Global RTD in a Strong Downtrend.
BTCUSDT is getting rejected at the NNNN Level with 100% Alignment at 50000.00, and the price has been rejected a couple of times. During this bearish movement, we will have to observe the Level of NNNN at 50000.0. With additional information from the RTD, there is not much for RTD to indicate any sort of bullish movement for BTCUSDT.
Should this be the right time to Long in this market? Right now we don’t see a lot of conviction where we should long in the market. What we can look for is the BTCUSDT’s reaction to the NNNN Level with 100% Alignment at 50000.00: An observation whether the price will continue its downtrend, or we will see a Support from the Level and head back to Upside.
USDZAR Analysis: 1D Long Swing Setup
USDZAR shows an Overall Strong Uptrend, with Local RTD in a Weak Uptrend, and Global RTD in a Strong Uptrend.
The NNNS Level with 100% Alignment at 15.62500 has been retested before the price hit the Entry Level. Since the price at the Entry Level is not triggered, we can wait for the price to retrace towards NNNS Level at 15.62500. For an optimal outcome, we’d look forward to a straight downside to our Entry, and a retest that brings the price back to the upside.
Sonar Trade Zone thesis suggests an Entry Level at NNNS Level with 100% Alignment at 15.62500, with SL at 15.16544, TP1 and TP2 at N Level at 16.01563 and RR Level at 15.40625 respectively.
NZDJPY Analysis: 1D Short Swing Setup
NZDJPY shows an Overall Strong Downtrend, with Local RTD in a Weak Uptrend, and Global RTD in a Strong Downtrend.
After the price had been consolidating between RRR Level with 75% Alignment at 0.89111 and NNNN Level at 0.87891, NZDCAD had a huge bullish movement to the SSS Level at 0.86673. In the previous price action, after the price traded below NNNN Level, we can see a continuation to Support. Also, the trade’s Stop Loss is also a good protection and it covers the previous consolidation period, as close as it can to invalidation.
Sonar Trade Zone thesis suggests an Entry Level at NNNN Level with 100% Alignment at 0.87891, with SL at 0.89327, TP1 and TP2 at SSS Level with 75% Alignment at 0.86673 and S Level at 0.85449 respectively.