After several days of trending down and fighting against the daily trend, we have expanded to the downside, trading around range lows.
The daily chart points to three scenarios:
1. BTC holds the 200 EMA and bounces back to the daily trend, where the fight against the D1 trend should resume (blue). 2. BTC holds the 200 EMA, bounces to the D1 trend, reclaims it, and turns it into support (red). 3. BTC fails to hold the daily 200 EMA, sending prices lower (black).
Keep in mind that the most important thing now is to hold the range lows and the D1 200 EMA.
Still trading inside a range between new ATH zone and low's 60k.
D1 trend lost again ( 13/21EMA ) but since price is just ranging on the big picture we can't confirm that it's a "Market Structure Break" yet! For a confirmation of the MSB price needs to close below the 58K region.
On bigger tf's ( 3Days / Weekly ) trend is still highly bullish and EMA's are catching up with price which can be seen as a healthy correction.
Conclusion :
Bitcoin needs to hold the range and reclaim back H4 and D1 trends.
Entering a long scalp position for BTC/USDT at 67,800 with reasonable cross leverage. Targeting an initial goal of 70,600, with a second target to be determined later. The stop loss is set at 65,700. The current market formation on the lower timeframes looks promising, and there has been a reset in open interest. A chart update may follow to provide further insights into this trading strategy. Follow us for updates
Big news from South Korea as the country tightens its grip on token exchanges! South Korea is set to introduce stricter regulations for token listings, especially targeting hacked tokens! Under the new guidelines, tokens with a history of hacking or unresolved security issues will be blocked from listing on exchanges. The Financial Supervisory Service has been working closely with exchanges to set these new standards, aiming to protect virtual asset users. These rules will also affect how tokens are delisted, especially if they don't meet disclosure obligations. Make sure to follow for the latest on how these changes will reshape South Korea's crypto market!
I've been calling for this 64K region a few days before it came.
However the dip might not be over yet! Funding is still bearish while we're slowly bleeding, which suggests that another flush down could happen to reset it.
Spot trading lower than perpetual which also shows that market is still being pushed by leverage and spot buyers didn't step in yet.
To make it simple :
Close above 69K and we're back in the track. Close below 58.9K and we could see lower levels. Anything in between is just NOISE.
At the end you don't need to be right or wrong as long as you benefit from these moves.
In 2024 , the line between success and failure can be razor-thin. Remember, the biggest mistake is letting the excitement cloud your judgment. Here are some tips for navigating the market this year.
Tip number one: Market research is your best friend. In the digital age, information is power. Use it to track market trends, understand price movements, and gauge sentiment around different coins.
Tip number two: Diversification. Don’t put all your eggs in one basket. Spreading your investments across different coins can reduce risk and increase your chances of hitting a jackpot.
Tip number three: Risk management. Decide in advance how much you’re willing to lose, and stick to it. Setting stop-loss orders can be a lifesaver during sudden market drops.
And tip number four: Keep a long-term perspective. While it’s tempting to chase quick profits, the biggest wins often come to those who play the long game.
As a bonus tip, always stay updated with global economic trends, as they can heavily influence the crypto market. With that, we’re signing off. Stay smart, stay safe, and let’s make this Alt Season your most successful yet!
The most likely scenario is to fill it during this week. But there's also a small chance to leave it and go up from here, as during bull runs we usually leave some gaps as a way to manipulate people who are shorting them or trying to bid lower. #Write2Earrn