The Summit Post #38

Market update

Author

Marco Johanning
January 16, 2024

Hello everyone!

Welcome to edition #38 of The Summit Post, my free newsletter focusing on crypto market updates and investments.

Today we’ll have a look at:

  • Bitcoin (BTC)

  • TOTAL2

  • QUBIC

  • SPACE

  • TAO

  • AIPG

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

In the days of the ETF approval, Bitcoin reached a new yearly high of just under 49k and was then harshly rejected. This is not surprising because this level is the golden Fibonacci level when measuring from the all-time high to the bottom.

The price was thrown back to the 0.5 level at 42k. Thus, all trendlines are still intact.

Now it remains to be seen whether the trendline remains valid, and if we get a similar movement as indicated with the circle and arrow.

That would be the perfect contrarian play, as most people are likely expecting a correction by now.

If this correction does indeed occur, the indicated levels are still crucial. If it breaks through the order block at 37.9k, it will go to the next trendline at 33-34k-ish or to the htf s/r level at 31.8k.

TOTAL2

Altcoins appear significantly more bullish than Bitcoin. By the way, this is a circumstance that also makes me more bullish on Bitcoin, as it suggests that it's not a sell-off of the whole market.

Certainly, it now depends on the market sentiment and Bitcoin. If the trendline breaks and a larger correction occurs, altcoins are likely to be affected as well.

But if Bitcoin continues to rise or remains in a range, it could soon lead to the anticipated decrease in Bitcoin dominance & increase in TOTAL2 and TOTAL3 aka altseason.

QUBIC

When I mentioned a continuation pattern, many people said head & shoulder pattern. That is now invalidated.

Tier 2 CEX listing is around the corner, and if the market doesn't completely tank, this pattern will break out to the upside and fly.

I bought more today.

SPACE

After retracing to the golden pocket and then pumping significantly, the short-term trendline has been broken again.

However, considering that two top-tier listings are likely imminent for this coin, another retracement to $17-18 could present a final good buying opportunity.

I have limit orders at $18-ish for this coin.

TAO

TAO is at a critical point. Will it continue down to my dream buy level of order block and golden pocket?

Or is the coin from Bittensor currently breaking the long trendline? In any case, this coin still has significant potential.

AIPG

After a 150% pump and head and shoulders reversal pattern, our latest addition to the portfolio has retraced almost back to our entry price.

For those who missed the initial opportunity with the small AI coin AI PowerGrid, here is a second chance!

I use Xeggex - unknown CEX, but it works smoothly.

Thank you for reading and have a great day!

Marco

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