In the volatile cryptocurrency universe, Bitcoin and altcoins continue to make waves. Our in-depth analysis explores Bitcoin dynamics, predictions for 2023-2024, and prudent strategies to adopt for altcoins. Let’s discover together the trends that are shaping the crypto market.
1.Bitcoin (BTC)
Buyers at 25k and sellers at 30k.
Bitcoin (BTC) recently retested major support marked by its 2017 high, signaling the start of a new bullish cycle that began this year. At D1 Capital, we believe that the halving will have a positive impact on the appreciation of Bitcoin for the years 2023 and 2024. The year 2023 presents an ideal period for the accumulation of this cryptocurrency.
Strategy for the Crypto market this week:
The $30,000 wall:
A bull market does not progress in a linear fashion, so it is healthy for the market to retest key levels and clean up early buyers.
The major buy signal at the start of the year was the breakout of the USD 25,000 level. Depending on the close of this week’s end candle, two scenarios are emerging:
- Closing above USD 27,900 on Sunday evening (May 14):
- In this case, this zone will become a strong support with a re-entry of the price range between $28,000 and $30,000. We then look at a retest of the USD 30,000 resistance zone during the week of the 15th-21st.
Closing below USD 27,800:
- In this scenario, we are looking at a retest of the USD 25,000 area during this week. It should be noted that many buyers are waiting for this level to position themselves, which makes it an ideal level to watch. However, it is important to remain cautious to avoid a false breakout.
Conclusion :
Bitcoin’s uptrend continues, with a successful retest of major support. The close of this week’s ending candle will determine the next direction. A hold above $27,900 will open the way for a potential retest of the $30,000 resistance zone, while a close below $27,800 could lead to a retest of the $25,000 area. Careful monitoring of these key levels is essential for strategic trading opportunities in the Crypto market.
2. Altcoins
Crypto MarketCap (excluding Bitcoin)
In the field of cryptocurrencies, it is important not to rush. It is crucial to meet all the necessary conditions in order to avoid burning your wings. Currently, these conditions do not seem to be met.
We suggest waiting for the exit from the upside range or looking for attractive entry points at the bottom of the price range. Pending such conditions, we choose to stay away from the altcoin market this week. A careful and thoughtful approach is essential to avoid unnecessary risks and maximize the likelihood of success.
In conclusion
The 24200 – 25000 USD price area presents a good buying level to play the bounce with a short term objective at 30000 USD initially.
Regarding altcoins, we stay away as long as we stay under 700B of capitalization.
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About the Author : Trader for own account since the dotcom bubble in 1998. Over the years, I have focused on buying flows and price action, offering the best probability of success over time.
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