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C98USDT Weekly Candle Engulfing - Downtrend or Continuation?
Let’s dive into a scenario where the market is printing red candles, most traders are lost, and FOMO is rampant. Today, we’ll analyze an altcoin for you, and before that, I recommend checking out the money management guide:
🌐 Overview Bitcoin
As usual, let’s start by reviewing Bitcoin. On the 1-hour timeframe, BTC was rejected from the 102,135 resistance level and experienced a 10% drop, significantly increasing the 24-hour liquidation volume.
This drop also caused Bitcoin dominance to range, leading to a heavier correction in altcoins compared to BTC. If BTC had surged, altcoin losses could have been even deeper.
View BTC Chart
📊 Weekly Timeframe
C98 is still within its weekly range, oscillating between 0.1056 and 0.4368 for almost two years. While the range percentage is substantial, it doesn’t change its range-bound nature.
If you’ve already invested in this coin, you’ve likely experienced frustration as it remains stuck in this box. Two years of idle capital in a high-risk crypto market can be exhausting.
Suggestion: Exit your position if it breaks below 0.1056.
Currently, the weekly red candle has four days left to close, but it’s sitting on solid support. However, the last two red engulfing candles suggest a potential continuation of the downtrend.
If 0.1451 support breaks, the price may drop to 0.1056.
Buying Advice: Avoid buying right now. It’s like catching a falling knife—wait for it to hit the ground first. After breaking the 0.1933 resistance, buying could be more reasonable.
📈 Daily Timeframe
On the daily timeframe, C98 was rejected from the 0.1902 resistance, which highlights its importance. A break above this level could present buying opportunities.
More importantly, let’s focus on the 0.1533 support level, which: Previously served as the top of the daily range , Now acts as a crucial support, forming the 0.618 Fibonacci level.
If the market opts for a deeper correction, breaking 0.1533 could lead to a continuation down to 0.786 Fibonacci support at ~0.1272.
Personally, I’d prefer if this price level holds because a deeper correction might delay the next bull run and keep us in this range for an extended period.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
