Good morning everybody.
Craig Cobb is back after a few days off with the family, and instead of coming into the week with a prepared script, he decided to do something different. He opened the charts live and walked through exactly how he starts his trading week.
The takeaway?
The market is sitting at an important decision point.
Craig isn’t aggressively bearish just yet, but he says many of the major cryptocurrencies are close to confirming new daily downtrends if key support levels fail.
Check Craig out at:
Market Intern: https://marketintern.com/
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Market Intern is currently offering a 7-day free trial for anyone who wants to see how Craig analyzes markets and identifies trading opportunities.
Bitcoin Is Still Trading Around $65,000 Resistance
Craig has been watching the $65,000 level for quite some time, and nothing has changed.
Bitcoin failed to break above resistance and is now sitting between two important technical levels. On the upside, $65,000 remains the line bulls need to reclaim. On the downside, Craig is watching $61,500 closely. A break below that level would confirm a new lower high and lower low on the daily chart, potentially opening the door for a move back toward the $59,000 support area.
The encouraging part is that if Bitcoin does break lower, Craig believes there should be plenty of trading opportunities along the way, just as there were during the last sharp move lower.
The Daily Chart Matters Most
While Craig reviewed the weekly and monthly charts, he made it clear that his focus remains on the daily timeframe.
The monthly chart doesn’t provide enough new information yet, and the weekly chart continues showing broader bearish momentum. Instead, he’s watching to see whether the daily trend confirms another leg lower or begins building a stronger recovery.
For now, the market remains in consolidation.
Ethereum Needs One More Push
Ethereum is showing slightly more promise.
Craig is watching resistance around $1,850. A move above that level would establish a higher low followed by a higher high, giving Ethereum a much healthier-looking daily uptrend than Bitcoin currently has.
Until that breakout happens, however, Ethereum remains in much the same position as the rest of the market: waiting for confirmation.
Cardano Looks Weak
Among the top cryptocurrencies, Cardano caught Craig’s attention for a different reason.
After a strong rally a couple of weeks ago, the market has already given back much of those gains. Craig points to a bearish candle forming within his preferred moving average “cradle zone,” suggesting the broader downtrend remains intact.
Unlike some of the other major cryptocurrencies, Cardano is one of the charts he’ll be watching most closely for potential short setups this week.
Most Major Coins Look Similar
As Craig worked through Binance Coin, Dogecoin, Solana, XRP, Tron and the broader crypto market, one pattern kept repeating.
Many of the charts are sitting just above important support levels.
If those supports fail, several assets would confirm fresh lower highs and lower lows on the daily timeframe.
That doesn’t guarantee another selloff.
But it does mean traders should be paying close attention over the next several sessions.
Watch List for the Week
After scanning the market, Craig narrowed his focus to just a handful of opportunities.
He’ll be watching:
Cardano on the 30-minute chart.
CLO on the 4-hour chart.
Zcash on the 4-hour chart.
More importantly, though, he’ll continue watching the daily timeframe across the broader market before becoming more aggressive with new positions.
My Take
Craig’s message this week is straightforward.
The market hasn’t broken down yet, but it’s close.
Bitcoin, Ethereum, and many of the major altcoins are sitting right on top of important technical levels. If those levels hold, traders could see another attempt higher. If they fail, the broader downtrend likely resumes.
For now, patience remains the best trade.
