MMR

Monday Market Recap (MMR: #17 4/12/21)

BNB has entered parabolic ascent once again after breaking through its triangle consolidation at ~350. After breaking through 500, BNB has displayed exceptional strength heading into the new week in anticipation of the Coinbase IPO.

 King BTC

BTC is showing strength as the crypto markets are seeing a strong bid across the board. The key level I’m watching here is the D level at ~62,000. A break above this level should call for significant price action to the upside as it is the previous all-time high (ATH). As for support, they are a few key levels to watch as we trend towards the top of this pennant (potential for resistance at ~62,000). Depending on the type of setup, there appears to be support around ~60,000, and a stronger W level at ~57,000. Overall it looks like BTC volatility is picking back up as we consolidate beneath previous ATH’s. A break above the pennant and D level at ~62,000 and BTC looks primed to make its next leg higher.


BNB The New King of DeFi?

BNB has entered parabolic ascent once again after breaking through its triangle consolidation at ~350. After breaking through 500, BNB has displayed exceptional strength heading into the new week in anticipation of the Coinbase IPO. For those who tune in often, there is a pretty limited TA I like to perform once assets go parabolic. The solid support I am watching is the confluence between 500 and the parabolic trend line. As for the further upside, let’s just say I would not be shorting BNB. The token is back in price discovery and rallying off of the hype of the upcoming COIN IPO on 04/14.

It is important to note the strength of this asset in price discovery and the volatile nature of parabolic rallies, I have closed all BNB positions but of course, continue to hold a spot position.


New Kid on the Block: SOL

SOL has been trending nicely after breaking above its previous ATHs at ~19. Currently, we can see that the 25 has been confirmed as support while SOL continues into price discovery. There seems to be light support at ~30 but I would not consider it anything of too much significance. This is due to Solana being in price discovery alongside being in a strong trend. Solana continues to see rapid growth as the chain continues its innovation. Of course, this is while the bull market simultaneously rages onward.


Sleeping Giant of the Layer-1 Networks: ETH?

ETH is also back in price discovery, following the strength of altcoin markets. ETH is now back over 2,000 and is currently confirming the previous D pivot as support. ETH has been lagging other crypto markets but it still shows exceptional strength. This chart looks extremely bullish with a volatility contraction above previous ATHs, a recipe for a breakout in my book. I am looking for a short-term target right below 2,500 but I think ETH can quickly test 3,000 on further strength.


Pulse of the Market

Markets are looking extremely strong going into the Coinbase IPO. With continued strength over the last week, I would not be surprised to see a small correction on some ALT coins. This is not to say that crypto markets don’t retain an overall bullish nature. Going into the COIN IPO on April 14th remains the news piece to stay focused on. My general base case here is that markets will continue to move higher as technicals and fundamentals seem to be aligning.

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 4/19.

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