Investing isn’t a sprint but in the cryptocurrency world we have some sprints and also consolidation periods. Overall we move slower than everyone buying this local tops think we will. We saw far too much hype in the past four weeks with analysts suggesting 30k targets for this year when price was in fact much higher than fundamentals and some slower indicators like the 200 Moving Averages.
Anyway… some time ago it was suggested we could test two support areas but at this point I will discard the second support because we pushed higher and because we don’t usually pullback more than 45% (in Bull Markets). If we keep the Bullish trend, has I expect we will (but we may not, nothing is granted) a 45% pullback is probably the best we will have.
Nonetheless using more conservatives entries anything below 9k can be a good entry for the next 3 months and more. We really need to see how price action evolves after breaking down this red line but before it happens the idea is quite simple: above 10k Supply is in control (until it isn’t), below 9k Demand should be in control.
Historically any break below the 100SMA is sharp and quick but since this Bull Market is still at the beginning we may have a longer consolidation period and we may even test the 200SMA.
About alts, it’s still unclear when the altseason may start so better to wait until we have a clear and strong signal, for instance alts pumping more than 15% in a single day.
Good luck all