In this blog post we will take a macro look at the market what has been happening and what is expected of it, I will also discuss some potential gem altcoins for this bear market
Disclaimer: The information provided in this blog is for educational and informational purposes only. It should not be construed as financial or investment advice. Cryptocurrency markets are highly volatile and carry inherent risks. Readers are advised to conduct their own research and consult with a qualified professional before making any investment decisions.
What's next for Bitcoin($BTC)?
Bitcoin has been in a macro downtrend for a long time, BTC made its all-time high of $69.5k on 8th Nov 2021 and has been in a constant downtrend for around 371 days i.e., 7th Nov 2022, and made a low of $15.5k, after the low BTC gave a pretty good bounce and tested the $30k resistance. So! What's next? Has Bitcoin bottomed or we can see another lower low? Let's Discuss it in detail.
Bitcoin Macro Analysis (Weekly chart)
In weekly BTC is forming a rising wedge kind of channel, main resistance for Bitcoin is the 100EMA, Bitcoin has not been able to break resistance and form support over it, in order to be bullish, A break above the 100EMA and the upper trendline channel would mean a possible bull market rally.
In my opinion, the market is still bearish, I am looking for a spike that will liquidate all shorts and turn people bullish, after that I'll look for shorts entries. Currently, A good level to is the $31k-$32k zone(possibly a wick above 32.5k or maybe 33k), I enter shorts with SL above the wicks.
Bitcoin Daily Analysis(1D)
Bitcoin 1 Day seems to be bullish(short term) and going to possibly test the upper resistance levels of $31.5- $32k, if you are looking to enter a trade longs might be a good bet. I will discuss possible entries in shorter time frames for longs and shorts. Bitcoin formed support on the 100 EMA which is a very strong zone to enter. If BTC retraces we can see it forming support at the horizontal level which matches with the 100EMA support too. In a bullish case, it can break the $28,000 and form support possibly rallying to 30k to test weekly resistance, in another case which is bearish, we might see it testing the 100EMA again. Daily is quite bullish, looking for longs might be a more profitable trade.
Bitcoin 4H Analysis
Like the Daily, the 4-Hour chart of BTC seems equally bullish, a perfect test of the support and rally!
The key resistance is around $29,600ish a break above could be very bullish for bitcoin, meanwhile, the support levels are $26,700 and $26,000. If you are looking to trade BTC here are the zones
The green zone is the safe zone for long, if you are impatient and want to trade, look for longs at 200EMA, with tight stop losses.
These are the safest trades I would take, longing for any other zones seems risky to me, I will either wait for a break of the resistance to open long of DCA or the green zone for longs. If you want to short, a good zone is $29,690
It might look like this, You can set up your shorts like this
The green zones are very high potential long trades you can long these zones, and for short see the zones in the chart shared earlier, other than that 30k and 32k are the main level I will look for to short.
In Conclusion, BTC seems to be in short-term bullish momentum, confirmation is when it breaks and forms support over $32k, if BTC is rejected at any point the possible support areas are $26,000 and $24,000.
Altcoins
With the Bitcoin bounce, many alts rallied over 100% here are some alts I am looking at.
CTSI
CTSI rallied over 200% profiting longs, It is very volatile currently which is traders' heaven, I bounced from the zone, I discussed earlier, and is currently up 20% from the entry. I am looking to short it, good zones to short CTSI are 0.618 and 0.5 fib level which is $0.21 and $0.2398. Remember this is very volatile keep stop loss tight and use low leverage, It is currently bullish but no point longing now, don't chase trade wait for it, wait for a bearish reversal in 1H and 4H and short is with stop loss take the chart as a reference.
PUSH
PUSH rallied 175% in the support zone mentioned in the chart, if the price retraces back to the green area it would be a gem of a buy opportunity to get in. Push Protocol is a very fundamentally strong cryptocurrency, with a huge community and a great market reputation. The project is constantly expanding and collaborating with different projects. The support zone is $0.25-$0.21, I will DCA this zone in spot and hold it throughout the bear market.
MATIC
Another famous and everyone's favorite crypto is MATIC. The daily trendline of $MATIC was too bullish and as expected it broke the trendline and has turned beaish
MATIC tested the trendline and got rejected and again entered the sideways trading range of $0.94 - $0.75 this is a great range to trade, shorting and longing the levels, it is currently getting rejected at the $0.94 resistance, if it keeps getting rejected it is likely that we test the $0.75 zone where we can expect a relief bounce.
