$BTC Breaks Out Into Price Discovery On Tesla News!

IN THIS ISSUE

HIGHLIGHTS

  • $BTC breaks out into price discovery on Tesla news!

  • $ETH remains strong through the launch of CME futures

  • $ETHBTC is back at the Pump Chaser Zone

  • DeFi perp enjoys the largest 1 week gain in history!

  • Altcoin total marketcap breaks ATH

Bitcoin surged to new highs at the Monday open this week, on the heels of what could be the biggest news story in its brief history. Tesla, an $805 billion-dollar company, announced that they purchased $1.5 billion worth of $BTC.

Bitcoin blasted through recent highs on high volume as speculators rush to price in this new development in the ongoing trend of large companies trading a % of the USD in their treasury to $BTC.

The question now seems to be, who’s next? Apple? Microsoft? Google? Facebook? Oracle? Which of those companies wants to risk being last to the table? It appears that Elon Musk and Tesla just opened the floodgates even wider, and naturally, we’re seeing price react as such.

 

 

BTC/USD WEEKLY

HIGHLIGHTS

  • $BTCUSD is quickly approaching the HTF Chaos PRZ drawn off the 2019/2020 highs and lows, sitting up at $51,349, after the bulls smashed through the key battleground that we outlined last week. Bulls will want to see new highs in volume to support this breakout by end of the week! 

 

BTC DOMINANCE WEEKLY

HIGHLIGHTS

  • $BTC dominance is at a key bearish throwback level. Retesting the underside of the HTF trendline, confluent with the 20-week Slow Moving Average (SMA). If BTC continues to regain dominance here, we’ll be watching for a potential right shoulder to form that, if confirmed, could signal a strong continuation down (bullish for altcoins).

 

ETH/USD WEEKLY

HIGHLIGHTS

  • $ETHUSD survived the CME futures launch and closed its first weekly candle above previous cycle ATH’s. Again, we’re watching volume closely to ensure that it backs up the latest breakout with new highs of its own. $2,000 Ethereum is no longer just “Moonboy talk”, it’s on everyone’s radar.

 

ETH/BTC WEEKLY

HIGHLIGHTS

  • $ETHBTC pulled back in the wake of the Bitcoin breakout and is now retesting the weekly breakout level, confluent with the PumpChaserZone for a second time. If Bitcoin continues to rally into price discovery, we’ll likely see continued consolidation on this pair until BTC cools off again.

 

ALTCOIN PERP

HIGHLIGHTS

  • The Altcoin perp is surging to new highs again to open the week after its largest one-week gain since launching mid-2020. The volume is declining, but it could very well be that traders are simply preferring to trade actual altcoins at this time and the perp volume is not the best indicator for overall interest.

 

DEFI PERP WEEKLY

HIGHLIGHTS

  • The DeFi perp also enjoyed its strongest week ever and printed an insane volume bar, almost doubling the previous ATH just one week prior. It has yet to break the high from last week, but the DeFi market shows no signs of slowing down. However, $ETH fees, for now, have crippled much of the activity, pricing out a large portion of users. Something to keep an eye on!

Altcoin Total Marketcap

HIGHLIGHTS

  • The total marketcap for Altcoins just broke ATH’s, a close above $474 billion this week would cement the breakout in the history books and signal a strong continuation is imminent. Looking at the volume on this chart, and what happened last cycle when BTC broke ATH’s, it’s exciting to consider what may lie ahead.

 

As always, the best indicator for strength in the market will be Volume! When assets make new highs, a healthy trend shows increasing volume. A signal that the interest from buyers remains strong at the newly discovered, higher prices. We’ll continue to monitor each week and share our analysis here with you!

 

Disclaimer:

The following commentary is provided for informational purposes only and may not represent the views of Hxro Games Ltd. or its affiliates, and should not be viewed as legal, tax, investment, financial or other advice. Digital asset transactions are inherently risky, and you are fully and solely responsible for evaluating your purchasing decisions at your own risk. Past performance is not indicative of future results.

©2021 by Hxro Labs

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