With the newly started week, positive winds started to blow on the crypto money side. Recent rises in Bitcoin altcoin enough to get the investors excited. So, what is the general situation in the market?
Firstly, bitcoin Let’s take a look at the technical situation on the side. The white level ($60,000) that we mentioned many times before was our support. We’ve been hanging around on it for a while. It’s pretty clear that the white level is building support for Bitcoin during this time.
However, in the region highlighted in yellow, Bitcoin has been stuck for the past three weeks. At the beginning of this week, we experienced a rise and broke out of the yellow zone.
This week, the good closings to come around here will be very positive for the coming period. It wouldn’t be scary if there were pullbacks though. Because we are still close to the white level (support) and it will continue to act as support for us.
There is a beautiful view from this point of view. However, I want to give you a tip. Earlier, I mentioned a very clear and strong trend formed on the Bitcoin side. This trend was the 50-week average.
As can be seen above, Bitcoin reacted and rose from this average 2 times. We can see a clear upward trend here. So, what drop on the Bitcoin side could make things worse? Here, falling below this average will be negative. It is important to follow closely. Unless it goes below this level, I wouldn’t go into bear pricing.
What is the situation with altcoins?
On the other hand, on the altcoins side, we can see that some coins are performing well. However, we did not see big movements across altcoins. I attribute this to the indecision of domination.
As can be seen in the chart above, BTC dominance is moving between purple and white levels. With the hard, up and down movements on the Bitcoin side, we can see that the dominance is rising.
In periods when Bitcoin is calmer, some altcoins can diverge positively. For this reason, dominance may decrease. If we look at the back and forth movement between the purple and white levels, there is no clear direction on the dominance side yet. For this reason, piecemeal (periodical) movements are more likely on the altcoins side.
Of course, a structure in which Bitcoin rises will eventually reflect positively on altcoins. We have experienced this many times before. Therefore, it makes sense to take a position on the altcoin side for the rises on the Bitcoin side.
Also, it is possible to take a little more risk (in the current image) during these periods. There are no imminent negative developments/risks both globally and in the cryptocurrency market. For this reason, I am hopeful about the coins I have shared with you on Twitter and Telegram before.
In my hand $BTT and $FIO I’m holding Both are technically good. When the time comes, I plan to sell it with a nice profit like the ones I made last sale. pic.twitter.com/wChhHBmPPN
— Furkan Bozkurt (@BzkrtFrkn) November 8, 2021
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.