On the Radar: Coins to Watch This Week 

Another week of gains across the market, with some altcoins starting to show their stride moving off some key weekly levels.

We’ve seen fresh year-to-date highs again this week on Bitcoin as the bulls make their presence known. Short-market players have been punished and likely added fuel to the current uptrend. Short sellers are buyers when forced out of their positions. On the 4th and 5th of December, we saw a total of $173.88 million USD in short positions liquidated across the major exchanges. 

Let’s dive into Bitcoin as I’m sure everyone has started to see some posts across their communities of people calling for a top. So how far off a local top could we actually be?

Bitcoin – Higher time frame analysis

Zooming out, we are currently above the 50% mid-point of the price range on Bitcoin when drawn from the previous all-time high to the current cycle low.

With the halving fast approaching, everyone is calling for a local top now that we are approaching all time highs. Let’s identify some technically key milestone levels where we could start to see some signs of this trend taking a pause. 

While we may not get this far, technically speaking, these are valid levels to observe for trend-reversal signs. What’s important to mention is that both these levels represent two different opinions on how to view the market technically, however, they overlap. This confluence is important and adds weight in my opinion as an area to watch. 

Dogecoin (DOGE)

The OG meme Dogecoin has been showing some signs of strength on the weekly chart below. While we have seen a 50% rally since the most recent resistance level was broken there is still some significant room for movement. 

Finding an entry on a rising coin like this chart can be difficult, particularly if the market continues to show strength and rise. 

Targets 1 and 2 that are outlined above are Fibonacci levels that also line up with key Monthly highs. 

Cardano (ADA)

Similar technical setup is also forming on the Cardano weekly chart. We can see that we’ve had two consecutive resistance levels breached and broken, importantly putting in a rally after the most recent break – a sign of strength. 

Targets are mapped out similar to above, using a monthly Fibonacci retracement and aligning them with previous monthly highs. 

For real-time market updates and analysis, follow me on X.com @pavhundal.