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- The Summit Post #28
Hello everyone!
Welcome to edition #28 of The Summit Post, my free newsletter focusing on crypto market updates and investments.
I am in the process of completely redesigning this newsletter and integrating more TA on various coins. I will mainly focus on long-term investments to provide a clear added value alongside my content on Twitter and in the free Telegram channel.
If you want to help me with the restructuring, feel free to give me feedback or let me know what you would particularly like to read!
Today we’ll have a look at:
Bitcoin (BTC)
Altcoin marketcap (TOTAL 3)
Sui (SUI)
Kaspa (KAS)
Pepe (PEPE)
Let’s dive into it!
Marco Johanning
Disclaimer: The information provided in this newsletter is for educational and informational purposes only. It does not constitute financial advice, investment recommendations, or any form of endorsement.
Always conduct your own research and consider consulting with a qualified financial advisor before making any investment decisions.
The author and publisher of this newsletter is not liable for any actions taken based on the information presented.
Bitcoin
As mentioned in the previous edition, for the next months I see Bitcoin in an accumulation phase around the MAs 200-daily. And we’ll see to which extent this range expands upwards in the next few weeks.
For now there are some bearish divergences. The declining volume means that although the selling pressure is decreasing more, allowing the price to rise, the buying pressure is declining.
On the other hand, the sentiment is overall bullish right now, so I am really curious to see which side the rising accumulation channel of the last two weeks will give way to first.
In the end, BTC really needs that big push to a new high, which many are currently expecting. Then we will have a similar situation to that in April 2023. The accumulation channel here was 22 days long.
TOTAL 3
Altcoins are currently in a stable uptrend. TOTAL 3, which is the crypto market cap excluding BTC and ETH, has broken out of a multi-month downtrend.
In the next few days, the remaining 5% needed to reach the next major resistance level should also be achieved. The reaction here will depend on the further course of Bitcoin and Bitcoin dominance.
SUI
SUI did the huge move up, that I mentioned in the last issue. It’s currently holding above this main s/r level.
If you compare the TVL (blue) with the price (pink), you don’t have to be a prophet to look into the future.
KAS
In the previous issue I wrote:
To retain the bullish structure, KAS has to make a new Higher High (=ATH) soon! Otherwise we might get a good buying opportunity between 0.032 and 0.033.
And there it is:
For the near future I expect the circled line to hold.
We will see what happens if there is another significant correction in Bitcoin and altcoins. Perhaps the huge bearish RSI-divergence will come into play at some time.
Do I have to tell you, that a really significant dip would be a great buying opportunity?
But maybe it will stay the same as it has been in the past few years: Kaspa does its own thing.
PEPE
As the king of this year's meme season, one should definitely keep an eye on PEPE alongside Dogecoin.
Pepe has also broken out of a multi-month downtrend. The accumulation structure forming right now could be a bull flag, which can only mean one thing when it breaks out: send it.
Meme coins are usually the last in line during an altcoin phase. If it turns out the same this time, after the big and small “regular” altcoins slowly lose steam, a small meme season could be on the horizon, in which Pepe would naturally benefit as well.
Thank you for reading and have a great day!
Marco
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