Cryptocurrency Analysis – week 28 and YTD, 2021

ALTCOINS RESUME A DOWNTREND  

Crypto markets have resumed their downtrend, in large part due to the overhang on BTC from Grayscale share unlock. 

As we have noted in our prior updates, traders must adjust to changes in market environment. Don’t fight the trend. Currently, the trend is down. Hence, traders must learn to take advantage, flip the rule book from buying the dips (in uptrend) to Short Selling the bounces (in downtrend).

Watch our video tutorials where we demonstrated Short Selling of LINK, THETA, BCH (from July 2nd). Those positions are now well in a plus (+21%, +44%, +18%).

After two months of sideways trading in a range ($30K – $40K), Bitcoin broke below (bearish) $30K support. BTC has now erased all of its YTD gains. The rest of the crypto market followed suit, declining 20-30% on average.  Altcoins still need BTC leadership.

BTC ended the week down -10.0% and Ethereum (ETH) was down -14.5%, versus last week’s -2.8% and -7.7%, respectively.  This does not include today’s action (down another ~ 4%).

Check our curated charts for more technical analyses of top 30 altcoins.

Trends among altcoins deteriorated. Our Signals Summary page indicates that very few coins remain in an Uptrend on Short- or Medium-Term basis:

And the situation has deteriorated from last week:

See top 50 coins by market cap “Performance” tab on our platform (see charts below). Check our curated charts for technical analysis of top 30 altcoins.