NO PLACE TO HIDE FROM DOWNTREND
Bitcoin and altcoins remained under pressure last week. BTC ended the week down -3.7% and Ethereum (ETH) was down -9.8%, versus prior week’s -16.7% and -21.6%, respectively.
Read and watch video on how to trade in a down market.
Bitcoin (BTC) remains stuck in a sideways channel ($30K-$40K), although gravitating towards the lower half of that range:
See more Curated Charts.
Our Signals Summary page indicates that very few coins remain in an Uptrend on Short- or Medium-Term basis. Far more are in a Downtrend now (see table below) across all time intervals (1h, 4h, 12h, 1d):
And the situation has deteriorated from last week:
China’s clampdown remains in focus as the authorities have decided to shut down mining operations that were using excess hydroelectric power. National newspapers reported that the government will continue to prioritize strong enforcement over local economic benefits. The central bank also summoned the country’s major financial institutions and reminded them of the crypto ban. Anecdotal reports continue to surface that miners are having to liquidate positions as credit lines are being pulled.
Decentralized Finance (DeFi) – Total Value Locked (TVL) declined last week to $47B, -11% w/w, though is still up +179% YTD.
DeFi cryptocurrency prices declined along with other altcoins (see below). Total DeFi category market cap decreased last week by -2% and is still up +205% YTD (i.e. ~ 3.0x).
Check our unique automated chart pattern recognition for fresh trading ideas. Also, during market corrections, it’s always good to revisit coins in an Uptrend but with a pullback. Our Signals Summary has this and other pre-defined filters ready for action.
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Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.