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Otsukimi Market Analysis - August 30th

Lots of charts to discuss with DeFi heating up and Q3 about to end. Let’s take a look at some charts


I will be looking at BTC, ETH, the ETHBTC pair and some of my picks for the week below.


Bitcoin

We are still bleeding lower for about two weeks now and for the immediate term I dont think this will end yet. Aroon is in a wide bullish channel that will expire in one week where I’ll expect it to move sideways like we did in June/July. As long as we hold the red trendline and especially the red dotted line, we should see a continuation, albeit more likely at the end of September.


Ethereum

ETH is one of the top coins on my watchlist and one reason that prevents me from buying a ton of DeFi (other than the high gas fees). We are currently in a bearish consolidation on the Aroon but on the chart we are in a very clean cluster on a 3D SLOB (swing low order block) from April 2018. The Aroon consolidation should last no longer than 10 days where I expect an expansion to $513 with eyes on $750 in 2021.

Ethereum (Bitcoin Pair)

The ETHBTC pair is similar to the ETHUSD pair with some differences. We have the same Aroon consolidation period but we are well under a resistance point. This leads me to believe ETHBTC will lag a little bit by BTC having a run sometime in Q4. That being the case, I think we can hit 0.054 once the resistance breaks.


Sia Coin

One of my biggest picks for the past month is SC, which has already done 50% since I posted it the first time on my Twitter. We are currently at risk to entering a large Aroon bear consolidation but breaking the resistance above would give us a minimum of 50% more of a run.

Ren

Another pick for the next couple weeks is Ren, which has already been on a nice run but looking to reload The bearish consolidation on the Aroon is pretty significant and will last the rest of this week, expecting this to hit around 0.35 before making its way to 0.85 cents.

Compound

With price action at a key resistance, Compound is on my watchlist to see how it will handle this order block above it. Aroon bearish consolidation is pretty wide here but I think dips are okay to buy above $200. A break of $220 should mean $265.

Band

Last but not least, Band looks the best for a continuation. Aroon is in a bullish wedge at mid level resistance which usually signifies a move up. It is also at a trendline resistance. This, in combination of all the DeFi hype and excitement around the Band ecosystem, this makes for a good long hold.

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