As a seasoned crypto investor with battle-hardened nerves and an ironclad portfolio, I’ve weathered countless market storms, from the dizzying heights of bull runs to the crushing depths of bear markets. Today, as I look at the red sea of coins on CoinMarketCap, I can’t help but feel a twinge of déjà vu. But fear not, dear fellow investors! For every downturn in the market is an opportunity to buy the dip and prepare for the next wave of growth.
Most coins are trading in the red zone, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 1.56% over the last 24 hours.
On an hourly timeframe, Bitcoin’s price has breached the nearby barrier at $70,370. Should the trend persist, it might lead to a potential challenge of the $72,000 region by tomorrow.
On a day-by-day basis, sellers have been struggling to maintain control following the bearish close from yesterday. If this trend persists, it’s likely we’ll see a continued push towards the resistance level of approximately $73,794 in the near future.
From the midterm point of view, one should wait until the weekly candle closes.
As an analyst, I’m observing a potential scenario where the price action occurs close to the resistance level without extended wicks (or tails), suggesting strong buying interest. This could imply that there’s been a build-up of energy that might trigger a breakout. If this happens, we may see a test of the $75,000 mark in the near future.
Bitcoin is trading at $71,432 at press time.
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2024-11-01 18:47