Understanding the Cryptocurrency Market Update

Introduction

In this blog, we will discuss the latest updates in the cryptocurrency market. We will focus on the movements of Bitcoin and Ethereum, the fluctuations they are experiencing, and where your buying opportunities may lie. Before we begin, if you are new to our channel, please subscribe to stay updated with all the relevant information related to our channel. Also, consider joining our community in the video’s description. Now, let’s dive into the market overview.

Market Overview

Currently, the cryptocurrency market does not show any significant volume, resulting in fluctuations for any coin or token. The current price range for Bitcoin is around 42,200 with a 0.2% upward movement. As for Ethereum, it is trading around $2,273 with a 0.1% upward movement. If we discuss other coins, BNB, BIX, and RPISOL are showing dumping scenarios. In such cases, we tend to approach our support levels, which can provide buying opportunities. As mentioned in my previous videos, whenever there is a market correction, your buying opportunities arise. You can refer to those videos and choose the appropriate entry point. Solana is also within your buying range for long-term investment. Now, let’s move on to the trading view.

Bitcoin and Ethereum Movements

Regarding the Bitcoin trend, we have taken the Fibonacci retracement levels into account, specifically focusing on the Simple 200 EMA. Until the candles are below this level, we remain bearish. If the price dumps from here, we will hold until the level of 41,600, which acts as our local support. Additionally, there might be lower levels below this. In terms of the current market situation, we can observe a bear flag pattern. This pattern is forming at higher levels, whereas a smaller level pattern is also forming. Although you can identify these patterns, due to the decreasing volume in the market, there is a possibility of a bearish movement. To fully understand this pattern, you need to refer to the daily timeframe. As I mentioned earlier, when we are in a downtrend, you can expect to see lows from support to lower bottom levels. For major support, we need to look at the 200 EMA, which is around $200. As for the entries in between, you can also find buying opportunities. Now let’s discuss the Ethereum market.

In Ethereum, we previously discussed the trend line and the EMA support that was working for us. However, when we broke this trend line, it acted as resistance. Therefore, you can observe the rejection from this same trend line. To enter, you can consider the box range between 2,150 and 2,200 for the initial entry. In the short term, your target can be set between 2,500 and 2,700. For long-term investments, the target range can be between 6,000, 7,000, and even 10,000. However, please note that these levels will only be reachable after a market crash. Do not wait for the price to reach 35,000 as the market will go through a correction. Similar to the ETF scenario, there will be a correction after the having event. Hence, you might get a bottom even after highs. Ensure that you secure your profit when the closing is above 45,200 as this will indicate the start of a bullish market. At that point, you can expect higher to higher levels. To conclude, I have covered Bitcoin and Ethereum in detail. If you still have any doubts, please feel free to comment below. If you find our videos helpful, please like and share them with your friends. Stay tuned for more informative content.

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