Hey there! Let’s kick off with a thorough analysis of the crypto market, focusing on the king itself, Bitcoin. Over the last two months, Bitcoin has showcased a strong uptrend, forming higher highs and higher lows. Key support levels include the 8 and 20-day EMAs, and the trend is solid with the 8 above the 20 and the 20 above the 50-day moving averages.
Bitcoin Breakdown
Failed Breakout and Recovery: Back in November, we had a strong rally followed by a consolidation period, proving the strength of the uptrend. Even during recent corrections, Bitcoin quickly bounced back from the 20-day EMA, showcasing buyer confidence.
Volume Analysis: Volume surged during recent market movements. A significant pullback occurred today, but if we close near the day’s highs, forming a hammer candlestick, it could indicate a bullish reversal pattern. Keep an eye on the closing price for potential insights.
Support Levels: Today’s low is pivotal. Holding above it and closing near the highs may indicate a continuation of the uptrend. However, closing near the lows might suggest a more prolonged correction, possibly testing the 50-day MA.
Given recent profits, MTG Tribe has closed out its Bitcoin positions, waiting for optimal re-entry points with lower risk.
Altcoin Opportunities
Now, let’s delve into some altcoins with strong relative strength:
These altcoins are carefully selected based on their strong relative strength, both on daily and weekly charts. The MTG Tribe is closely monitoring these for potential pullback entry opportunities. Remember, never trade solely based on this information; conduct your research.
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