Monday Market Recap (MMR:13 3/1/21)

I am not running to the bank to smash the bid button yet, but I really like the bounce we got today. If we can confirm the breakout, I will remain EXTREMELY bullish. -- @GoonTrades

By
Greg Gotsis
on
March 1, 2021
Category:
MMR

MMR #12 Recap

Its been a bit of an eventful week. After BNB and other crypto markets corrected 30-45%, we see a nice bounce across all crypto markets. While this move was not part of my base case, I didn’t discount the possibilities of a pullback to this extent. Overall, we see BNB bounced a couple of times from the 200 level, and it is now breaking out of its primary downtrend. In short, this recap shows that I am wrong sometimes, which is why risk management and consistency are essential.

This pattern is a classic bull-flag breakout pattern, and I am looking to enter on a bullish re-test of the breakout. In this case, I am looking for BNB to re-test the D level around 225 for a nice entry. Enough of BNB, let’s dive into the markets for this week because there are many good bounces across the board.

King BTC:

BNB’s bull flag breakout that I pointed out is nearly the same as the one being seen on BTC. This is one of my favorite patterns, which is why the markets have me excited this morning.

In this specific scenario, I am looking for BTC to have a bullish re-test of the breakout. I am eyeing the D level around 45k-46k; an entry there warrants an excellent R:R trade. This breakout looks healthy, and a confirmation of the breakout can easily send BTC to test 55k again. In short, I am watching this breakout to make sure it does not retrace. Overall, this gives me a very positive outlook on the market.


The BSCs’ Leading AMM: CAKE

At this point in time, the bull-flag pattern should be pretty apparent. For those who don’t see it, it consists of a large impulse up (after the green circle) into a downtrending consolidation. As mentioned, the high probability trade is in the breakout and retest of crucial support and the primary downtrend. 

These three charts have been highly correlated recently. The correlation outlines the potential strength across the market and what can be expected in the BSC. As these patterns continue to develop, I will be looking for entries on re-tests of bull flags. In the case of CAKE, a retest around 10-11 could warrant a lovely R: R trade. For those who don’t have a spot CAKE bag, this could be an area of interest.


DeFi DeFi DeFi: DEFIPERP

This chart definitely does not display the same strength as BTC, CAKE, and BNB. This index includes over twenty of the most popular De-Fi tokens, primarily ETH-based. Currently, the index is running into some D resistance, around 10,000. If this can break above and take out previous pivots, this will also become extremely bullish. For the time being, this can still very well be rejected, but a decent entry can probably be found at 9,000

For me, I would like to see a bullish retest of the D or 10,000 level, which would make me extremely bullish on all De-Fi.


The Pulse of The Market

I will refrain from too many charts in this weekly update as I feel I have a decent bearing on the market. I am not running to the bank to smash the bid button yet, but I really like the bounce we got today. If we can confirm the breakout, I will remain EXTREMELY bullish while testing and resuming off the bull flag.

For BTC, I would like to see a retest of the D level around 45-46k and a quick resumption back above 50k. As I mentioned previously, I still think BTC chops allowing Alt Coins some nice room to run. This thesis will be invalidated as BTC begins to press higher above 58k, looking for another breakout.

Overall, crypto markets are just getting heated up as more institutions begin adopting BTC. As this market continues higher, we will see a large influx of interest in altcoins, specifically DeFi protocols. Don’t think this market is over, it is just getting started! Be sure to check out the next release of this weekly series on 3/8

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Greg Gotsis

Greg (GoonTrades) is BSC News' Chief Editor and is also a writer for the team. Currently enrolled as an economics major, he finds himself as a cryptocurrency researcher, writer, and technical trader.