WARNING: This Changes Everything For Bitcoin & Crypto!

Crypto Banter

Market Analysis

The current crypto market is experiencing a downturn, with Bitcoin losing the $100,000 level and most coins seeing significant losses.

Bitcoin Analysis

  • Short-term: Looking for a bounce, potentially leading to a lower high and continued chop within the trading range.
  • Medium-term: Expecting a lower high and continued chop within the trading range.
  • High-time frame: Price is expected to slowly float upwards over time, similar to the 2017 cycle.

Key Levels and Trading Plan

  • Support Levels: Key support levels include the mid-range ($99,244) and the high volume area.
  • Trading Plan: Waiting for a reclaim of $100,000 for a safer entry into the market. Looking for signs of strength, such as bulls getting back above the breakdown level ($105,000).

Altcoin Analysis

  • Sui: Expected to continue its downtrend, potentially targeting $2.90.
  • Salona: Needs to reclaim above $2.40 to show strength, with next major support at $2.20.
  • Injective: Coming into support, potential trigger for a long trade if Bitcoin reclaims $100,000.
  • Phantom/Sonic: Looking for a snapback, but needing structure change for a confident trade.
  • Roon: In free fall, next major support around $1.70.
  • Casper: Approaching the yearly open, potential opportunity if it reclaims the yearly open and Bitcoin gets back above $100,000.
  • Cardano: Approaching the yearly open, looking for a sweep down into 82 cents and then a reclaim of the yearly open for a potential trade opportunity.
  • Avax: Potential trade opportunity if it sweeps the key level, reclaims the yearly open, and Bitcoin gets above $100,000.

Risk Management

  • Importance: Risk management is crucial for surviving and thriving in trading.
  • Strategy: Managing risk through strategies such as capping losses (around 20%) and understanding that significant losses require exponential gains to recover.

Conclusion

The market is in a precarious position, with both bulls and bears having valid arguments. The next couple of days will be crucial in determining the short-term direction of Bitcoin and the broader crypto market.