Here's the market update:
- In the short term, the market looks bullish, but in the long term, it's still bearish.
- Recent economic news from the US, like nonfarm payrolls and unemployment rates, were worse than expected, causing the recent move.
Regarding Bitcoin:
- Bitcoin saw a significant bullish breakout above $61,000, a crucial level.
- Open interest spiked up, similar to previous bullish momentum periods.
- I'm cautiously bullish on Bitcoin but want to see a strong reaction above the 200 EMA and 0.236 Fibonacci level.
- If Bitcoin breaks above $62,200, we could see sustained bullish momentum.
Altcoins:
- The best time to trade altcoins is when Bitcoin dominance falls.
- Meme coins, like BONK and FLOKI , are performing well, so I've bought into them.
- Other interesting altcoins include Wormhole, ORDI , DOGE with MEME and PEPE .
Strategy:
- Wait for Bitcoin dominance to fall.
- Look for strong altcoins to invest in.
- Meme coins often perform well when Bitcoin dominance falls and Bitcoin is relatively strong.
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