Hello and welcome to another price analysis.
Bitcoin has once again done what it does best: Screwed up altcoins.
While this is a normal correction for bitcoin, it is far worse than "normal" for altcoins.
However, while everyone is selling into the blood, you should look to be positioning yourself for the inevitable reversal.
Let's have a look at the majors and see how they're faring.
Remember, none of this is financial advice or an explicit go ahead to buy.
BTC is the cause of the blood bath in the crypto market today, but this whole crash thing transcends the crypto market. All markets look toppy, and since Bitcoin is controlled by the big wall Street firms now (just what everyone wanted, am I right?), it behaves like all other markets.
That aside, as expected from the previous analysis, BTC lost the mid point of the range, and is now headed towards the bottom of the range(11090). We should see some relief on altcoins before then, but if we don't, the dip would get much, much deeper.
I longed 11400 in hopes of a reversal, and so far it has been going pretty well. However, on the H4 chart it seems like BTC may just be cooling off before another run at the lows. I'd sit out trading this one if you're looking for some action.
ETH is back to following BTC's movements, and has began filling as well, in a similar pattern to BTC.
The volume has been dropping off however, so I opened a long at 379 in hopes of a reversal.
That said, the bottom may be in, as the RSI is at it's range low as well. We are also currently at multi year resistance (turned to support), so I see no reason why we shouldn't bounce from here.
That said, I would play it safe with this one as well.
It seems not even a DeFi announcement could save this one from uncertain doom. BNB keeps on disappointing.
It has EMA support where the buy back was strong, however I don't really expect it to hold much. The reason being that the RSI shows room for it to still fall.
From yesterday's analysis, I strongly believe that although the DeFi announcement brought some good news, BNB may not run as far as expected.
Maybe a few good launches here and there by Binance could restore price, but I don't see BNB running without some form of catalyst.
The last but certainly not the least. Or weakest. BAT is currently the only coin on this list displaying any sort of strength, and that's to be expected: All my shilling has done something good for it.🤓
We had a dip into demand which, of course, was "demanded" and bought up. Once this whole thing is over, BAT could very well be the first to rally for the highs among all the coins listed in this analysis.
Just as I have been calling for months, BAT is going to make a new wave of people life changing money. But only those who could spot it.
Watch this one guys.
That's my analysis! If you enjoyed it, a like and tip would be amazing. A follow would also be nice.
Thanks for reading!