What a wonderful feeling on such a sunny Friday morning. What we have been looking forward to for a while, we see beautifully happening. In recent weeks, I have had conversations with Insiders on several occasions about "why" I am so careful. See the result today. Prices kept rising and the euphoric mood often makes me bearish. The market has periods of giving and periods of taking. Over the past 12 hours, newcomers to the market have been introduced to the second leg of this.
"Why is that guy so happy?" Well I’ll tell you that. Apart from the fact that a number of orders can now be hit on various crypto, this cooling is very welcome. If we can build a stable base now in the $ 44,000 region, we may have some special months ahead. The huge $ 100,000 barrier could be tested further down the line. The market simply goes better if the tree is shaken every now and then.
The bigger zones to break later on will be $ 54,000, $ 56,000, and $ 58,000. In the short term, the $ 51,600 may well become a cap.
The support zones we are looking at are currently the current $ 48,000, the $ 46,000 but most of all around the block from $ 44,000 to $ 40,000. Here, several large support lines converge and there will be a lot of fear through the market. Altcoins will have lost quite a bit of the winnings and be ready for a possible next rally.
Right now, we’re seeing some room for that bounce to $ 51,600 on the really lower timeframes as a retest. However, it is the higher timeframes that call the shots. So we will mainly follow this one as well.
Various altcoins have also become a lot more attractive for me to step back in. Obviously with due caution and several orders still lower than the current values. To name just a few, I have my sights set on VET, REN, POWR and ADA. In the coming days there may be a lot of turbulence bouncing through the market, so the more frequent trader will indulge. Altcoins can on a day like today just stand at -35% to be + 25% tomorrow. To return to -50% of the current price at the end of next week. Here is a profit for the trained trader. For everyone else I say; stick to the plan or create one ASAP!