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Bitcoin (BTC) Consolidates at High Levels, Altcoins Decline as Markets Stay Calm
Summary:
The financial markets remained calm last week, with no significant news or events causing waves. BTC's price remained at high levels, while altcoins suffered a decline. The Federal Reserve's FOMC statement showed that the bank liquidity crisis was not considered severe enough to halt the central bank's interest rate hikes. It is essential to monitor the possible bounce area on the daily chart at the 24800 level and maintain the support and resistance levels at 25000 and 32000, respectively. Traders should also keep an eye on altcoins, as their decline presents an opportunity for a potential entry at lower prices.
CLOSED
27000.0
ENTRY
25000.0
TGT
28000.0
SL
27094.6 +1028.6 +3.94%
10000
Points
Loss
25000.0
TGT
28037.0
CLOSING
27000.0
ENTRY
28000.0
SL
Last week, financial markets experienced relative calm, with no significant waves or shocks. However, the cryptocurrency market remained in flux, with Bitcoin (BTC) fluctuating at high levels while altcoins declined. The Federal Reserve's latest FOMC statement showed that most officials did not ignore the bank liquidity crisis, but it was not considered dangerous enough to stop the central bank from raising interest rates.BTC's price made an upper-pin to 29000 before the FOMC meeting, but it continued to fluctuate afterwards. The digital asset has now come to the stacking-chip area of most CeFi bankruptcies last year. Many upper-pins appeared when the price approached this area, indicating significant resistance. Even if the price enters this area, the resistance is substantial. The trading volume gradually decreased over the past week, and the price entered the correction range.
There is a high probability that BTC will rise after the callback, as the bulls on the larger scale have not weakened, and it needs to take a break after a new rise. It is evident that the bears are not strengthening in such a situation. It is therefore reasonable to maintain last week's support level at 25000 and resistance level at 32000. Additionally, there is a possible bounce area on the daily chart at the 24800 level. If the price meets resistance at the 28000 level, we can see a slight correction. If the 250000 level holds, we will consider buying on that area for a potential takeoff and breach of the recent resistance.
In contrast to BTC, altcoins suffered declines last week, as investors took profits after their recent surge. The calmness in the financial markets contributed to the decline in altcoins. However, altcoins' decline does not mean the end of their uptrend. The overall sentiment in the crypto market remains bullish, and investors are looking for opportunities to enter the market at lower prices.
TRADE RECOMMENDATION
SELL BTCUSD
ENTRY PRICE : 27000
STOPLOSS : 28000
TAKE PROFIT : 25000
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You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
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Warren Takunda is an experienced financial analyst and CFO at Verge Capital in Dubai, with a proven track record in the finance industry. He leads the finance team and is responsible for financial planning, analysis, and reporting. Warren has extensive experience in financial modeling and investment analysis, which enables him to provide valuable insights to clients.
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