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Crypto Focus: For Now, the Trend Remains the Same

Published: 22.07.2022
by Joseph Jeffriess

Until now, we have seen another solid week on the crypto boards after last week’s strong fightback from losses. Please look at our CRYPTO10 and CRYPTO25 indexes to see these examples. Trade this week has had a conviction from buyers and saw little pushback from sellers as the top 10, and top 25 both added over 11%.

Coins followed other risk markets higher, and it was no surprise to see the Nasdaq pushing higher with crypto following suit. For now, the trend remains the same, and risk assets appreciate so does crypto. The USD was another factor this week as it saw its first decent week of selling in over three weeks, and the Index dropped 1% at one stage.

Here’s some food for thought. I read comments around Bitcoin this week saying it tracked the Nasdaq and was basically another Nasdaq stock. What are the reader’s thoughts on this? I’m sorry, but I can’t remember where I read it, but I did find the opinion interesting. If we compare both weekly charts, there are similarities, but obviously, they’re not a mirror image. What do crypto traders think about that? Do you feel that is the case?

During the week, we saw some old-fashioned crypto moves that hadn’t been present for some time. Double-digit gains! Midweeks things did start to look a bit more exciting from the buyer’s point of view. Some of larger cap stars from the last seven days of trade have been BTC +11.4% ETH +31.5% SOL +14.7% MATIC +27.9% AVAX +26.1% ETC +76.1% and NEAR +29.1%. That’s just a small list. There would have been plenty more big numbers if you had kept digging.

Looking at the weekly charts, most prices remain below the Mas, but things have started to change on the daily charts, and we have seen several coins start breaking medium-term downtrends. This is a positive, but could we call it an end to the crypto winter? I’m not 100% sure about that just yet.

Looking at BNB daily, we can see that the Med downtrend has been beaten, and buyers continue to hold a new uptrend. The OBV supports this as it has also formed an uptrend with a decent slope. Will we see one more leg higher that gets back up to 286 to test the longer-term downtrend? While the current uptrend remains in play will continue to look at this. Obviously, if sellers break the trend, we will have to re-evaluate our short-term analysis.

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