Crypto Market Under Pressure - Is Another Drop Coming?
Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
The crypto market is going through a very difficult phase. We are back with another analysis, and based on my recent analysis, we are continuing the same flow.
If you have not read my last blog about Bitcoin price analysis and the overall crypto market, then you may have missed an important setup because we predicted this move a few days ago.
In the screenshot below, you can see that Bitcoin is currently trading at 84,600 USD, and this is the last crucial support level for Bitcoin. After this, we may head toward the lower support line near 80,500 USD.
I hope Bitcoin is able to hold this support, but I can already see the possibility of liquidation in the coming hours because the price is sitting directly on this support zone.
The daily closing is very important here because it will help define the next market structure. For now, the trend lines are still intact unless the price breaks downward and creates a new structure in the market.
I am personally a bit worried because I am not a professional trader. It may be time to accept that altcoins could fall further. Most altcoins are already down by 70 to 90% from their October values. If the market drops more, some altcoins could trade near 5% of their previous value. That would mean they would need a 20 times move just to recover.
If you are planning to hold altcoins, you may want to rethink your strategy. I am not a financial advisor, but personally I feel that the next Bitcoin correction may push me to exit most altcoins and focus only on Bitcoin, Ethereum, and other top tier coins. I may continue trading occasionally, and I will share those moves with you as well.
Gold has performed much better over the past 1 year, and now that difference is clearly visible to everyone.
What are your thoughts on the market right now?
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here.
In the screenshot below you can see my terracore base where we have used 7 attacks and won around 1200 scraps from them.
Below you can see my golem overlord base claim details and we won a massive 135 shards today so I am happy. I am always happy when I win above 100 shards.
That is all I did in Golem and terracore base today.
Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
