The Summit Post #30

Hello everyone!

Welcome to edition #30 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)

• Bittensor (TAO)

• Kaspa (KAS)

• Polkadot (DOT)

• Pepe (PEPE)

Let’s dive into it!

Bitcoin

Bitcoin is still riding high in a strong and uninterrupted uptrend. Below the current price, there's liquidity from all the long positions.

However, there's also solid support further down. The 200-period moving averages from both the weekly and daily timeframes are converging below the high-time-frame resistance at 32k, forming what I see as the worst-case scenario at the moment.

It can't be overstated how crucial the US offering on Binance is, dropping all accusations with a $4 billion penalty. This has been one of the major uncertainties for the high-time-frame.

Therefore, my worst-case scenario for now is a retest of the 32k resistance with a potential wick to the band of the MA 200.

Looking to the upside, I see the levels at 42k and 48k as particularly interesting Fibonacci levels, and they're pretty close in terms of price distance to the jumps we've seen in the past.

However, considering the last few months, another ranging period seems quite likely, perhaps with a liquidity grab to the upside.

Recent ranges have lasted about two to three months. If the current range persists for a similar duration, it could take us until around the year-end and close to the potential ETF approval.

TOTAL3

The altcoin market made a lower high and looks like a head and shoulder reversal pattern on the 4-hour time frame. By definition, this pattern requires a declining volume, which is present in many altcoins, much like in Bitcoin.

Confirmation of this pattern would be break below the high time frame resistance wich correspondents now with the MA200 weekly.

If the entire crypto market undergoes a correction, the Fibonacci levels 0.5 and 0.618 align well with support/resistance levels and are potential targets for a retracement.

TAO

Since I first dropped Tao in the August newsletter, the price has skyrocketed fivefold. AI coins are shaping up to be one of the major narratives for this bull run, so I'll be keeping a keen eye on TAO and other AI coins in the future.

The marked levels are solid buy zones. Only with a hefty dose of "luck”, respectively a widespread correction across the crypto market, will we see lower prices again.

KAS

KAS scored another 50% gain compared to the last issue from last week.

Depending on how the crypto market plays out, KAS might keep exploring price discovery or hang tight in this range for now. On the short time frame, I'd buy 11 cents, but for a long-term investment, I'd lean towards waiting for lower prices.

DOT

In comparison to other high-caps like Solana, Polkadot has displayed a relatively weaker performance so far. However, DOT has recently broken above the 200 daily MAs and is currently forming a descending triangle.

Depending on the market's further developments, this could lead to a significant pump. If that doesn't materialize, I'd lean towards putting my bets on Solana or MATIC when it comes to high-caps.

PEPE

Pepe has seen a success as a meme coin this year, with a large community, making it a potential player for the bull run.

However, it must be acknowledged that the bull run is likely to develop its own narratives and meme coins.

The levels are quite clean with Pepe, so I would currently trade this coin from level to level.

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Thank you for reading and have a great day!

Marco

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