➡️ Bitcoin is on the verge of breaking its 50-day or 200-day moving average today, which could influence the Bitcoin and Crypto markets in the coming days. BTC has remained within these two moving averages for the past 2-3 days, and several major events are poised to impact both the Crypto and US Stock markets:
1. US Unemployment Data: Scheduled for release at 6 PM IST. This will significantly affect the US stock market and could lead to either a substantial rally or a steep decline in the Crypto market.
2. Israel-Iran Tensions: Israel is expected to launch a counterattack on Iran today, increasin geopolitical uncertainty.
3. Critical Levels: BTC needs to maintain the $60K level (200-day moving average) to rebound. A breach could quickly drop it to the $56K-$57K range.
➡️ The interplay of the Iran-Israel conflict, US elections, and forthcoming data is creating substantial market volatility.
Bitcoin has not been able to regain the $64.1k level (previous week's high) since its decline yesterday afternoon. Currently, we are still fluctuating sideways within the tightest range we've experienced in several months. We did observe a positive reaction around the $65.6k mark overnight, which aligned well with our optimal long entries, but for now, both price and volume are stagnating once again.
There is potential for a breakout today, or at least some fluctuations, following the release of the US GDP figures. Additionally, Jerome Powell (Fed Chair) will be giving a speech today. I am on the lookout for further opportunities.
Avalanche is a robust Layer 1 blockchain project, demonstrating impressive ecosystem development. However, it has become somewhat outdated over time.
Examining the chart, we observe that the price has been declining within a "descending price channel" for the past six months. Currently, it appears to be forming a "bullish flag," indicating a potential continuation of the uptrend 📈.
There's a pattern suggestive of a "double bottom" on the chart. Crucially, for the upward movement to persist, a breakout above the resistance levels around $29.5 and $32.0 is required.
I have strong confidence in Avalanche and anticipate growth with targets set for the mentioned resistance zone and local highs 🎯.
The "when in doubt, zoom out" approach for $JASMY reveals an 18-month consolidation phase, which we successfully broke out of. This was followed by a rapid 5x increase in just two weeks, leading into a three-month bull flag consolidation, after which we saw another 2x gain.
Currently, we are in a consolidation period that has lasted for 5 months. Once we break out of this phase, the potential is significant, and reaching the previous all-time high of $0.30 on this chart seems achievable!