Weekly Market Outlook: A Rising Tide Lifts All Boats

A brief update to start this week as I covered most of the important key points last week.

We’re looking at some signals that suggest BTC has in fact slowed down and favors a grinding market going forward.

We can see this reflected in the BTC.D chart as it flirts with a major breakdown of its long term channel. ETH on the other hand has made a major weekly breakout against BTC and now presses against its strong uptrend.

Within one week of us calling the major area for ETH to beat at 3650 we have already surpassed it. So while we are waiting for key confirmation on ETH to make fresh cycle highs it looks like OTHERS are about to play catch up in a big way.

In short I’m less so worried about the price action of the majors at this stage and more so looking for aggressive continuation of money flowing down the risk curve. Past moves suggest that this rally is only just starting and the weeks ahead should be very good.

The market has trained most to buy the dips and sell the rallies up to this point. However, with such a powerful move on ETH and time suggesting we are entering later stages of the market, we should be expecting much larger moves ahead. It’s time to zoom out to weekly charts and let the noise of the day to day fall by the wayside. This market is only just getting started.