Two things happened this week that changed how I'm thinking.
Everyone's still talking about Bitcoin's dip below $59,000, but I think they're missing the fact that it bounced back up to $61,736.99.
The consensus is that the market is bearish, looking at the heavy volume that broke another support level, but I'm not so sure.
The token's recovery, although failed to reclaim the zone that would ease downside pressure, still shows some resilience, and with the new support level found, it could be tested following Thursday's U.S. inflation data.
I'm taking a cautious stance here, looking at Ethereum's price of $1648.88, and the upheaval at the Ethereum Foundation that has some of crypto's biggest names feeling bullish.
The fact that Bitcoin is well below the $72,000 magnet going into $10 billion options expiry is also worth considering, and with the market's losses being steep across the board, I think we might see a bounce back.
My entry zone would be around $61,000, with a stop-loss at $59,000, and a take-profit at $64,000, considering the current prices of other tokens like BNB at $568.63 and SOL at $68.83.
I'm keeping an eye on the $10 billion options expiry and the U.S. inflation data, which could change the market's direction.
Overall, I think the market is due for a correction, and with the right strategy, we could see some gains, so let's keep a close eye on the market and adjust our strategies accordingly.
#cryptomarket #bitcoin #ethereum #tradingstrategy 🚀💰
Everyone's still talking about Bitcoin's dip below $59,000, but I think they're missing the fact that it bounced back up to $61,736.99.
The consensus is that the market is bearish, looking at the heavy volume that broke another support level, but I'm not so sure.
The token's recovery, although failed to reclaim the zone that would ease downside pressure, still shows some resilience, and with the new support level found, it could be tested following Thursday's U.S. inflation data.
I'm taking a cautious stance here, looking at Ethereum's price of $1648.88, and the upheaval at the Ethereum Foundation that has some of crypto's biggest names feeling bullish.
The fact that Bitcoin is well below the $72,000 magnet going into $10 billion options expiry is also worth considering, and with the market's losses being steep across the board, I think we might see a bounce back.
My entry zone would be around $61,000, with a stop-loss at $59,000, and a take-profit at $64,000, considering the current prices of other tokens like BNB at $568.63 and SOL at $68.83.
I'm keeping an eye on the $10 billion options expiry and the U.S. inflation data, which could change the market's direction.
Overall, I think the market is due for a correction, and with the right strategy, we could see some gains, so let's keep a close eye on the market and adjust our strategies accordingly.
#cryptomarket #bitcoin #ethereum #tradingstrategy 🚀💰