Welcome to the Rekt Capital newsletter, a resource for investors who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
This Friday, I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can. So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.
I’ll chart the Altcoins that get mentioned and ‘Liked’ the most. Let’s dive straight into today’s market analysis.
In today’s newsletter, I will share 6 Altcoins that are on my watchlist.
Polkadot - DOT/USDT
The downtrending channel for DOT has been holding up nicely over the past few weeks:
Price has curled up from the bottom of the channel which is serving as confluent support with the red $16.33 Monthly support.
The curl up from here, in my mind, is price now searching for a resistance to this current market structure, because the diagonal is a prospective one drawn on my part.
Overall, I’ll be watching for where this diagonal develops and how price reacts to it.
Learning more about this market structure will prove useful in determining whether price is still in consolidation or ready to perform a breakout; a breakout from it will likely see price revisit the $23 level (black).
To be continued.
Elrond - EGLD/USDT
EGLD has curled up from its higher timeframe support (orange), performing a double-bottom in the process.
Therefore, follow-through on this current bottom will see price revisit the blue $190 once again as per the red path:
The $190 level will be a validation point for the double bottom where a breakout could see price rally to the ~$230 region initially.