Bitcoin and altcoins overview(May 02-03)
We have gone below the $59,000 level on bitcoin, but on the daily and 4 hour timeframe we can consider the current structure as a level peg.
At prices ~$57,000, the first signs of buyer protection appeared, also at current prices there is absorption of sales by cumulative delta.
We do not consider purchases at current prices, as a large number of sales zones have formed during the fall, which need to be tested. The only option is to re-peg the local low $56,600 and open a position with a sharp return of the price with a small stop loss.
Sales zones: $58,400(aggressive sales), $61,200(push volume), ~$64,000(maximum volume zone), $66,000-$66,600 (accumulated volumes).
Purchase zones below: $53,700-$51,000(aggressive buyer), $48,500-$46,200(abnormal volumes).
Now we are waiting for the second wave of sales and only consider purchases when confirmation is formed.
Interesting altcoins
PEPE is still relevant with the situation from the previous post.
JTO also looks good, which looks stronger than the market.
You can consider a long if it consolidates above and retests the $3.3-$3.25 zone, or open a long from current, but the risks are much higher in this case.
At prices ~$57,000, the first signs of buyer protection appeared, also at current prices there is absorption of sales by cumulative delta.
We do not consider purchases at current prices, as a large number of sales zones have formed during the fall, which need to be tested. The only option is to re-peg the local low $56,600 and open a position with a sharp return of the price with a small stop loss.
Sales zones: $58,400(aggressive sales), $61,200(push volume), ~$64,000(maximum volume zone), $66,000-$66,600 (accumulated volumes).
Purchase zones below: $53,700-$51,000(aggressive buyer), $48,500-$46,200(abnormal volumes).
Now we are waiting for the second wave of sales and only consider purchases when confirmation is formed.
Interesting altcoins
PEPE is still relevant with the situation from the previous post.
JTO also looks good, which looks stronger than the market.
You can consider a long if it consolidates above and retests the $3.3-$3.25 zone, or open a long from current, but the risks are much higher in this case.
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