The trend is up, so be bullish and buy dips.

We had a strong and unexpected recovery back into the range, which is marker of strength.

The high volume node (HVN) around 118k is my next buy the dip zone, assuming we get one. After that my next area of interest is in 113k region, but I’m not weighing that as the highest probability.

Alts I’m looking to buy

I already added to ETH.

Now I’m waiting for the next dip on BTC or major impulse above 120k to add more to alts.

I’m probably going to run it back on large cap memes like DOGE. ETH is now my L1 of choice, replacing the underperforming SOL. HYPE also looks good.

One thing CT overlooks is the normie/boomer coins. Several are chadding and I may add exposure to some of these soon: BCH, LTC, etc.

TLDR; Have an optimistic bias

ETH 

As discussed last week, the local value area low (VAL) at $3500 held as support and we broke out of the range.

Continuation plans are the same as last week — hold over 4k (weekly PoB) and we go much higher toward ATHs. I'm looking to long $4140 if given.

For intraday, I’ll be looking for absorption around the daily VWAP or its 2nd deviation band.

P.S. Below is my high-timeframe chart with my weekly point of breakdown (PoB) marked out…

HYPE

As we speculated on last week, the weekly trend did weekly trend things and provided the support we needed.

Price is back above range highs and the daily trend. Dips into $41-42 are for defending. Lose that region and we may revisit the weekly trend again.

I’m flying back from vacation today, so invariably the market should pump without me.

Still long and strong on Bitcoin. Nothing to do on it, just hold and sell at $150k+.

Back with alt rotations next edition.

Last week, I mentioned that if price accepted above $116.5k and inside the previous composite value (a.k.a. range), I’d look for a rotation higher.

That played out.

At first, price rejected from the previous composite value area low (cVAL a.k.a. range low) around $117k, but then price developed constructively beneath until it made a move to the point of control (POC) and then another move that took out some previous highs

What’s next?

If we zoom into the 30m chart we can see that one-sided aggressive buying pushed BTC outside of the value area high (VAH) around $119.5k

I’ll be watching how both passive (resting bid) and aggressive (market order) bulls react if price trades back into this area that I’ve marked “single print”.

Keep in mind that price tends to react violently in areas like single prints, rejecting or slicing through quickly. The one-sided aggression that created them defends them or unravels quickly (think trail of fuel being lit on fire).

Ideally, price frontruns the previous week high at 119.2k. Auction Market Theory (AMT) suggests that on a break of balance (i.e. range), a textbook retest of the value area high is something to eye for continuation.

But I think that price should frontrun textbook entries if the trend is strong

CPI is on Tuesday which could shake things up.

TLDR; Hold above 119-120k = continuation of trend, accept below = ranging regime. CPI on Tuesday could bring in some volatility.

ENA

The reclaim setup from last week played out nicely.

Look for the same thought process to be rewarded — a pullback into the local trend (H1 200 MAs) would be a solid setup.

Bonus points if we see it soon, as the local trend is currently lined up with previous resistance now looking to be flipped into support, which would add nice confluence.

ETH

ETH and ETHBTC have historically been bellwethers for the fabled ‘alt season’. Here’s where they are…

The H4 200 MAs have been a great representation of the high-timeframe (HTF) trend.

3 months of bullish momentum has finally led to a breakout of the $4k range high, which has acted as resistance for over 4 years.

I scale my assumptions for price action based on the significance of trends and support/resistance levels.

So a 4-year range break should see incredible expansion, according to my system.

ETHBTC

Similar to how the ETHUSD chart is breaking out of a 4-year range, the ETHBTC chart has reclaimed a key trend for the first time in 3 years (D2 200 MAs).

Price has repeatedly rejected from this trend throughout the cycle.

Reclaiming this trend for the first time in 3 years is noteworthy, and presumably the start of a much larger move up.