Back to Work / The Most Important Week for Market Movements
The beginning of a new week full of important economic data, most notably the Consumer Price Index (CPI), or what is known as US inflation data.
An update regarding the Bitcoin deal. I completely exited the speculation deal. The first exit was at 59,600. This was mentioned in the previous post. The second exit was near 62,000. Note that my entry was at 49,000.
Since the last drop, I have not made any purchases of altcoins. My focus was on Ethereum and Bitcoin only. The Ether deal at 2100 prices is still ongoing and I have not made any profit taking on it.
As we know, Ether was late to rise due to the increase in Bitcoin acquisition, so I will increase my positions in Ether if it reaches areas below my entry.
The most important area for me is around 1800. It is not necessary for him to reach it, but if he reaches it, it will be a good opportunity to strengthen the positions.
As for alternative currencies, which are the most important for many traders, there is no need to rush into purchasing operations.
I mentioned in the previous post that if Bitcoin gives me a chance to retest the 54-53k areas, I will evaluate its situation and based on that I will build entry positions for large targets.
As we see, Bitcoin is now retesting the support areas between 58-57 thousand and it is possible that it will return and rise to the resistance of 62 thousand. As for me, this is my personal decision and you are not bound by it. I am not interested in buying at the current prices and I am satisfied with the Ether deal.
The currencies I am most interested in and monitoring during this period, as I mentioned previously, are $Metis and $Omni.
Note: The most important support on the chart of alternative currencies, including Bitcoin, is near the 1.8T areas.
If it reaches it in the coming days or weeks, I will look to enter alternative currencies.
That was all for the market update. I wish you a profitable start to the week 👌🏼
#BTC - #Cryptocurrencies