💥 BTC & Market Analysis / April 13th 2024 💥
Before we analyze the shared graph below, yesterday we saw around 1 Billion USD in liquidations in a few minutes, that was a reminder of how volatile the crypto market could be. This happened in a few minutes as $BTC gave us a sudden crash, which negatively affected the whole market.
✨ BTC Chart Analysis ✨
As you can see in the chart below, BTC broke the 12 hour support line trend for a few minutes reaching 64K while the Algos took out most of the long positions. The price then recovered to 67K but the whole market was heavily affected by this sudden drop.
BTC continues to respect the Support line, but we should keep into consideration that the weekend is here, and we should expect other sudden drops, the will be market is volatile as the BTC Spot ETF market is closed for the weekend.
Yesterday we saw ETF inflows gradually slowing down, as this was a signal that the market could give us a big dump.
As long as BTC continues the trend above the support line in the graph below, then we should not panic, while any drop below that support line for more than 15 minutes could send us to the 62K - 64K range.
🔥 Altcoins Analysis 🔥
99% of the Altcoins heavily decreased in price yesterday. You are not waiting for me to tell you this 😅 check your portfolio and you will see the bloodbath.
🥇 MEME Coins
We are now at a Consolidation stage, where most of the Altcoins are still at loss. The dump heavily affected Meme coins as we saw $PEPE and most of the Memes dumping hard.
🥈Gaming Coins
Also we saw that gaming coins got heavily affected as $PORTAL & ACE were the top losers in gaming.
🥉 New Launched Coins
W and SAGA saw a significant impact as their prices heavily decreased along with most of the new Launched Coins.
🌿 Finally What to Expect Next 🌿
The market is now in a parallel pattern with the BTC chart, we should expect more Volatility today and tomorrow as advice you not to open futures trades until Monday evening.
🖋️ by @CryptoVenom
