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- The Summit Post #27
Hello everyone!
Welcome to The Summit Post #27! This is the first edition of a new format: The Market & Altcoin Update.
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)
Sui (SUI)
Solana (SOL)
Kaspa (KAS)
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
Logarithmic chart
Bitcoin closed monthly above the moving averages 200-daily, wich is a main bull/bear market indicator.
If we look at the months before the last halving, Bitcoin was in an accumulation range around the MAs 200-daily, barring a black swan event: the COVID crisis (circled).
Even though it's quite possible for Bitcoin to dip below the MAs again, we should still be in this accumulation phase. We’ll see to which extent this range expands upwards in the next few weeks.
We've witnessed the significant role of the spot ETFs in recent weeks. The main question is if we are currently in a “buy the rumors” phase, anticipating a “sell the news” phase after approval, or if the approval triggers a rally.
The good news: The boring bear market is over!
Sui
This chart looks like many others after a listing on a big exchange. But look at that bullish divergence on the weekly chart.
This chart could see a big move up in the next weeks.
Solana
Solana has broken out above the MAs 200-daily as well, but struggles to break through the htf-resistance. If Bitcoin remains bullish for longer, many altcoins could follow this chart.
The long wicks into the htf-resistance could be a local top. If we get a pullback, the small grey box is a possible retracement zone.
Kaspa
Kaspa does its own thing. During the FTX-crash made KAS a new ATH. Now Kaspa is struggling to make a new high, and the RSI divergence is bearish.
Despite the fact that many people called this a double top or “the ugliest chart”, the golden trendline is still intact.
But 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.
Thank you for reading and have a great day!
Marco
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