Bitcoin (BTC) and altcoins analysis: This week you chose Solana (SOL)

Bitcoin (BTC) and altcoins analysis: This week you chose Solana (SOL)

Bitcoin is playing tricks on us at the beginning of the week. The correlation between the Bitcoin market and traditional has rarely been so strong. Given the macroeconomic circumstances and the uncertainty we have been experiencing over the past few days, investors remain cautious and buyers scarce. The market is not reflected in the extreme fear on the part of investors. The decline seems to be continuing, but until when? Bitcoin (BTC) keeps going underground its price range. Worse still, it pulls down in its falling altcoins that are struggling to find more and more momentum. In parallel with bitcoin, I provide you with an analysis of Solana (SOL) at the end of the page. We’ve gone to 360 ° bitcoin this week. I will try to be as complete as possible while sharing my feelings about the market. Good read!

The SP500 loses momentum

I talked about it in my article a few weeks ago. The index sees it lose its support at $ 4,150. That’s bad enough, especially since the correlation between bitcoin and traditional markets is very strong. It is therefore necessary to keep an eye on it, which underpins much of our investments. I imagine a rebound on the old support now being resistance. The next big support is $ 3400. It’s a long way and I imagine a rebound ahead, but it’s a case of not being excluded.

I can’t give back support, but that would require good news, especially in terms of interest rates, I think.

Investors are terrified

an index of fear and greed varies between 10 and 12 at the beginning of the week. This has rarely happened throughout history and often represents times of great fear and therefore opportunities. I am not saying that we are a witness bunfar from it, all you have to do is take a few long jobs at this level because total fear is rational and can be a good strategy.

One Bitcoin down tidy

I took a bitcoin weekday chart to gain some perspective and try to understand. During the final high crossover in November, the price plummeted, creating the final ATH (All Time High).

If we refer to this logic, the scenario of breaking out of the final minimum in June before rising can be possible. In addition, at these levels, liquidity in the $ 24,000 area is highly sought after. That’s why I added a possible case with the lines in blue. For a bullish rally, the blue area of ​​$ 55,000 would be a place with a strong profit.

Let’s look at the RSI. The latter is approaching the lower limit of the range. I added straight lines that frame the RSI, I do not need to use them but I think it is interesting to have them, in the sense that the price and RSI continue to fall until they cross 30 on the way down.

If we zoom in on this tool, and refer to the past, we see something interesting. Whenever the RSI falls below the 30 level, the price is usually undervalued, and the tool is often learned. In this case, it is interesting to make purchases in DLP (Average Dollar Cost).

Be careful, this is not a reason to go too far with leverage, it is just a matter of replacing assets that you value.

Solana suffers because of the situation

The L1s trend is clearly not the same as in 2021. Solana has been one of the most bullish assets in the past year. We note that the volumes are very low and are constantly shrinking. It’s to take back size before taking up jobs and surfing on the next hype.

I have highlighted the area of ​​the latest accumulation that may be a place of interest to shoppers.

At the moment, we only see an asset that keeps falling without a real buyer and suffers from the traditional market and bitcoin.

If you like Solana’s ecosystem and want to stand, then again, DLP from the last accumulation can be done.

Finally, I get a lot of questions asked of me on the site where I analyze my values. Personally, and for many years, I have been using TradingView, an intuitive interface with many tools and a wide selection of assets. It is clearly the most developed and most used interface on the market.

This is the end of this analysis, please feel free to give me feedback on my Twitter account @ 0cakin. Don’t be too fat, make regular profits, be successful money management do do trades and trust your original plan. Only invest what you can lose as long as it does not affect your morale too much. Have a good week everyone, and see you next week for a new analysis!

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I am passionate about technical analysis and technology, I have been diligently pursuing cryptocurrencies since 2017. Rather than trading and investing, I am trying to democratize, in my own way, the ecosystem that will inevitably change our habits tomorrow!

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