CORRECTIVE DAY FOR CRYPTO: BEST TIME TO BUY NOW? 💣
m. On dutch television rtl, seven, which is going to be fun, um coming back to cryptocurrencies and bitcoin. At this stage, the market is just doing fine monthly open is where we are bouncing from, and second weve had a pretty decent impulse wave to the upside, resulting in a move towards 48k. After that, the actual consolidation is taking place and given the fact that were not dropping beneath support levels here, its showing me that were going to have continuation on the markets overall to watch that area of 50k. If you go back in time and you check the previous consolidative periods, you can see that those consolidations happen all the time, especially when the market reverses. You will see some sort of retest in which the support resistance, flip is taking place as discussed earlier this morning. On bitcoin, we stated that its back into the range bound construction in which we want to see sustainable support above 46.4 to 47k, which is currently the phase. Currently, we are seeing that we are having that retest happening here and thats great, as that would be a signal for buyers to step into the markets and the more that bitcoin is going to consolidate in this area. The more strength well be seeing to watch the altcoins as well as those have been correcting today too, so most likely they will be bouncing back more swiftly than bitcoin at this stage, but overall bitcoin is holding support. At this moment we are holding above 47k, which is great when were looking at ether against uct, its back into the range that weve classified as very important to watch earlier this morning i stated weve had a slight bounce, so i would not be so sure whether We are going to get in that range, but actually we got into the range of interest.
So if you want to get some interest in the markets right now on ether, then this is probably the bounce where you want to look at so right now we can see that we are having that support resistance, flip happening at this stage. We also have a trend reversal as we broke through the resistance and weve made a new higher height, since these lower highs and now were seeking for a higher low, which is currently happening in the markets, as we do a beautiful re test of the markets here. So also ethereum is doing pretty much fine holding support at this stage losing this area. I think we go all the way back towards 3k, so this is pretty much fine in the pad to watch 4k is still open for either going towards ether against bitcoin weve. Also stated this level as a very important support level, so, first of all, ethereum held the area around 0.65 and then it bounced towards resistance, which was 0.078 satoshi. Now a support resistance flip is happening on the previous high, which is around 0.07 one bitcoin and its just consolidating so theres. No real breakout, no real impulse move happening at this point, but its most likely going to come quite fast through which we are currently seeing. The bounce from support, so the area that i personally would have been interested in with ether, is where we are hitting now right now, if this is lost im looking at 0.
065 next, looking at cardano at this stage, its still consolidating ive, clearly stated some levels that We should be looking at when it comes to cardano and thats the area that weve bounced from ive been bearish on cardano in this range, where ive actually closed a position on kadana, which you can find in the group and also in the platform that we have In the description beneath ive also been buying back in this range ive placed bits there also shared in the group. Ive been filled since then were just having a very normal consolidative period. So in this range you can easily start using the dca approach. So, are we going to get that level around two bucks once again, im not too sure if bitcoin is going to lose the critical support? Of course we will, but then you probably dont want to buy there in the very first manner. Probably you want to buy a little bit deeper, but in this stage were just consolidating like we have been doing previously, and you can see that in this week we didnt make a new low at all. So this is the beautiful area that you want to find interest on kodano at this stage and most likely were going to have a new impulse wave resulting into a run towards five dollars or maybe even higher when it comes to solana. Ive also classified a very important levels here to watch. Ive stated this entire region here as a very important level that we might be getting support from.
Actually i have i had to do the wicks here, as that is the actual supporter. You can see that weve had resistance here too, when it comes to the daily time frame, im also looking at 110 next and im, also looking at the area around 96 next and 80 bucks. These three levels are very important for me to derive potential entries from, but right now were at the first real level of aggressiveness. That might be getting interesting. So weve stayed at this level as a potential bounce play weve had some beautiful, bounces weve dropped beneath. So right now we are facing the previous high and also this range low for support. Does that mean that you should be getting into solana heavy, probably not as the crucial level right now to actually break through this downtrend is a bounce back up towards these highs, and then a flip would trigger continuous to the upside, so trend is still down. If you want to build positions, those lower levels are interesting here. Overall weve also had some beautiful bounces from the level that we derived initially and right now, its back into the next support zone. But, as you say, as you see here, we should be flipping 150. Next, if we want to continue so, i hope you have enjoyed this small update ill, be back tomorrow with a fresh new one.