Bitcoin and crypto market in general !
📊It's been a while since we analyzed Bitcoin and the market in general. Here's what we have now:
💰Bitcoin is still holding near its all-time high (ATH). The trend is still bullish. Weekly candles are closing with large wicks , indicating buyer presence. However, we've seen a rapid price acceleration towards ATH, accompanied by significant volume, which could signify a culmination. After such a culmination, we typically either enter a range-bound market or see a trend reversal. Currently, we are seeing a range-bound market, and there are assumptions that it might last for some time, possibly even through most of the summer.
💰ETH and Altcoins:
Ethereum also experienced a 30% correction with significant volume at the bottom of the correction (a positive sign).
💰💰💰💰For altcoins, the situation is more complex. Many have experienced a crash similar to the COVID dump. For our team, this is positive, as we had exited some positions at the peak and are holding cash. Usually, after such sharp movements/crashes, the market enters a sideways phase, or, as with the COVID dump, growing sideways with higher lows. Examples will be attached.
What we are doing now:
1)Firstly, we are holding the positions that remain.
2)Secondly, we are not touching Bitcoin; our focus is on strong altcoins showing excellent price action, as well as Ethereum. 💰💰Also, meme coins that recovered fully are performing better than all the fundamental coins 🤣. If you don't have any positions at all, now is a good time to enter and build up your portfolio partially. Funding rates has already cooled off, but we still see greed on the market.
Can we fall even lower? Yes, for Bitcoin, a 10-15% drop won't play anything , but altcoins could drop even lower, which fits into a normal bullish market while Bitcoin dominance is rising.
I’ll provide similar scenarios that the market has experienced.
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