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- The Summit Post #29
Hello everyone!
Welcome to edition #29 of The Summit Post, my free newsletter focusing on crypto market updates and investments.
Today we’ll have a look at:
Bitcoin (BTC)
Altcoin marketcap (TOTAL 3)
Ethereum (ETH)
Sui (SUI)
Kaspa (KAS)
Polygon (MATIC)
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.
BTC
Bitcoin made a new yearly high and is in a strong uptrend. On the other side, the bearish divergence I mentioned in the previous edition of my newsletter has become even stronger.
Are we soon going to see a correction?
The 4-hours EMA50 and the former resistance at 36k are the local supports right now. If they don’t hold, we could see some downside.
TOTAL3
Many altcoins went parabolic in the last week and the TOTAL3, the crypto market cap excluding BTC and ETH, actually went straight to the resistance level.
Is this a deviation / rejection from the resistance? If Bitcoin corrects, yes. For a full send it needs to reclaim the dotted level.
ETH
Ethereum reclaimed an important higher timeframe level and is back above 2k. To go parabolic, it needs to flip the dotted line.
The ETH-BTC chart looks bottomed. The last time it looked like this in July, Ethereum gained over 100%.
If there is no major correction in the crypto market, I see no reason why Ethereum and the entire ecosystem (ARB, LDO, ETC etc.) shouldn't go parabolic.
SUI
SUI did another leg up since last week and tapped into the fair value gap. The next daily fvg is way higher, but absolutely possible, if the rally in the crypto market continues for longer.
If we see a correction, the golden area would be a great buy area for the longterm as mentioned in the previous issue:
KAS
Kaspa does its own thing and it’s melting faces again.
For long-term buying, it's unfortunate that the significant RSI divergence is now also broken. It remains uncertain whether and when we will see significantly lower prices again.
If you want to add for the longterm, the golden trendline is your buying area. Even if it dips below once again: KAS is for the longterm.
MATIC
MATIC showed great strength in the past days and is right at the main htf resistance right now. If it flips this level, it should tip in the fair value gap I marked in the chart.
However, like all altcoins at the moment, everything depends on Bitcoin. If a significant correction occurs soon, prices will be heavily pushed down due to the massive liquidity of all the long positions.
Thank you for reading and have a great day!
Marco
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