Market Overview + Technical Analysis #4
Content:
Market Overview-
The Current State of the Market ($BTC)
What to Expect Next? ($BTC)
Technical Analysis Review-
$HBAR Technical Analysis
$WOO Technical Analysis
TOTAL Technical Analysis
Closing Thoughts
Market Overview-
The Current State of the Market ($BTC)
Bitcoin, the world's largest cryptocurrency by market capitalization, has hit a major resistance point in recent weeks. After reaching a range high of $25,265, the digital currency has experienced a significant decline, dropping back down to around $21,900. This price correction has been a source of concern for many investors who have been enjoying the recent bullish run. While there are many factors that could be contributing to this decline, some analysts believe that the current market sentiment and regulatory concerns may be causing investors to take profits and pull back on their investments in bitcoin. Despite this temporary setback, many experts still believe in the long-term potential of bitcoin and expect the cryptocurrency to continue to rise in value over time.
Bitcoin Monthly On-Chain Highlights:
Figure A
2. What to Expect Next ($BTC)
After the retracement of bitcoin from its recent high of $25,265 down to around $21,900, investors are eagerly waiting to see what comes next for the world's largest cryptocurrency. While the current market sentiment and regulatory concerns may continue to weigh on bitcoin's price in the short term, many experts remain optimistic about its long-term potential. It's important for investors to stay patient and avoid making rash decisions based on short-term market movements. Even though the 20.8k region is considered a good area to buy because it is a 3D demand zone(With Hidden Bullish Divergence RSI), investors should exercise caution and wait for a clear entry point before making any significant investments. By carefully monitoring the market and staying informed about the latest developments, investors can position themselves for success in the world of bitcoin and other cryptocurrencies.
Figure B
Technical Analysis Review-
$HBAR Technical Analysis
At the time of writing this $HBAR trades at $.065. The chart used below is from TradingView as it displays the full price action of $HBAR for this technical review. To preface this I want to disclose that I shared my thoughts on $HBAR on October 12th last year before I was suspending on Twitter. In the tweet thread, I covered that one this region is a good area for $HBAR to go on a little run. Since then, we have trended up with a 178% spread which is an amazing ROI. Currently, as $HBAR faces resistance at $.10 it will be important that follow through is there from the bulls should we hit the next region at $.14. If not, we can expect more or a ranging/consolidation structure before the next big move plays out.
2. $WOO Technical Analysis
At the time of writing this $WOO trades at $.185. The chart used below is from Huobi as it displays the full price action of $WOO for this technical review. To preface this I want to disclose that I shared my thoughts on $WOO on October 9th last year before I was suspending on Twitter. In the tweet thread, I covered that one this region is a good area for $WOO to go on a little run. Since then, we have trended up with a 100% spread which is an amazing ROI. Currently, as $WOO faces resistance at $.27 which is the range high/resistance as shown in the original tweet. As expected, price is retracing and it is best to see how price fans out before the next big move plays out.
3. $TOTAL Technical Analysis
As shared in the previous market update which can be found here, we spoke about how $TOTAL was geared up to take us to the range low. Although we are not there yet, we have seen a 20% increase, which led us to $1.1 trillion in total market cap. While there may be some more sideways price action that occurs, the truth is that when reclaiming this range, I will have to advise that you need to put on your moon suits, and moon shoes. The range reclaims, will signal that the market has bottomed and lead us to $2.57 trillion in market cap afterward. Remember, things will never go in a straight line, the market makers want to trick you, therefore it won't be as simple as it sounds, but the reclaim is important just like how $BTC reclaimed the range low at 17.6k before going to 25k, and how $WOO reclaimed .14 before going to .28. (two examples of range reclaims above as examples)
Figure C
Closing Thoughts
In conclusion, when it comes to trading bitcoin or any other cryptocurrency, patience is a key virtue. While market volatility can be unsettling, it's important to avoid making impulsive decisions based on emotions or short-term movements. Instead, wait for confirmation before making any major trades and always keep risk management in mind. Remember that trading in cryptocurrency carries significant risks, and investors should never invest more than they can afford to lose. By staying disciplined, informed, and focused on long-term goals, investors can position themselves for success in the exciting and dynamic world of cryptocurrency. With that, I thank you for reading and reminding you that none of this is financial advice!
