Before we dive in, let’s set the scene: at the time of writing this, Technically Speaking, it’s 1500 EST, just about an hour shy of when (the earliest) we might hear the big news about a spot $BTC ETF approval. 🎭
If we find ourselves in a classic ‘sell the news’ situation, it’s worth looking at the Ichimoku system to suss out where support might be hiding for some of the biggest market cap cryptos.
But, and this is a big but, whether the market decides to party or panic post-ETF announcement, there’s a solid chance that the initial market reactions could bulldoze through every technical support and resistance level like they’re made of paper, even if this wild ride lasts about as long as it takes to microwave a burrito.
Cardano
$ADA‘s monthly chart makes this analysis simple. On the monthly chart, support sits at the Tenkan-Sen ($0.45). 🎫
Ethereum
Ethereum’s currently up +10% for the week and showing signs it’s about to break out of the tight congestion zone it’s been in.
Over the past two weeks, the Tenkan-Sen has acted as the near-term support zone. Below that, the next support level for $ETH is the Kijun-Sen at the psychological price of $2,000. 📏
NEAR Protocol
$NEAR has been one of the best-performing altcoins of the past three months. However, profit-taking and stiff resistance within the Ichimoku system have put the brakes on its rally.
Currently, NEAR is stuck inside its weekly Cloud and ping-ponging off resistance at the top of the Cloud (Senkou Span B) and the Tenkan-Sen.
Until a clear breakout from the Cloud, expect choppy, miserable, horrible price action behavior to continue. ✂️