This week is still placed under the sign of the decline. Bitcoin (BTC) keeps sinking down its price range. The strength as well as the volume  are not there and the “Fear and Greed” index indicates the fear of the market. Worse still, bitcoin (BTC) continues to drag down altcoins, which are increasingly struggling to find momentum . Admittedly, the economic and geopolitical situation does not help, but that does not explain everything. In parallel with bitcoin, I provide you with an analysis of Avalanche (AVAX) at the end of the page. We’re off to this week’s Bitcoin 360°. I will try to be as complete as possible in sharing my feelings about the market. Good reading !

A drifting bitcoin

As for several weeks, bitcoin is in range . I often repeat myself in my analyses, but I find it very important.

We observe a manipulation, or deviation, on the rise to bounce off the resistance of the moving average 200 in order to reintegrate it thereafter. Recently, the price has broken the resistance in the middle of this zone (in red) and is sinking further down this range.

As I explained to you during last week ‘s review , my scenario is a break down of this  range , with a deviation to then take liquidity and go back up this time in a healthier and more sustainable. Of course, this is just a scenario. I remind you that as a  trader , it is not necessary to guess where the price will go, but to react to a particular configuration. On the bottom of this range or even lower manipulation, I will start taking positions on some very strong altcoins for the medium term.

Buyer and seller are fighting, advantage to sellers because the medium term trend is bearish. It is possible to trade this range or to play the trend once the breakout has been made. However, watch out for deviations and market manipulation.

A fragile SP500

I had spoken of the SP500 in a recent analysis to have an element of comparison, but also a catalyst index of the market in general. The latter is on support and in an interesting area of ​​OB ( Order Block ) , but struggles to find good bullish candles. If the zone breaks, then a return to $3,800 is entirely possible. We are not there yet, a rebound is always possible. Feel free to add the asset to your list of indices to watch, and don’t just focus on bitcoin.

Avalanche, a solid crypto that suffers from bitcoin

Let’s move on to the analysis of Avalanche which has been asked of me quite a bit recently. From a fundamental point of view, I really like Avalanche. Those who have used the blockchain will agree with me, it is very easy to use. Transactions are almost instantaneous with low fees. Apps are growing well and the TVL is quite high. I had the chance to go to the Avalanche Summit and, for once, the work is fabulous. I’m not here to convince you to buy AVAX, far from it, just to tell you about the curve of the latter.

On a weekly basis, the AVAX is compressed between 2 limits.

  • The first is the $100 level. This is an important psychological threshold, which is also a liquidity drain. On top of that we were in the 61.8 Fibo zone. This area in blue was therefore interesting to sell part of your position or even the short for the more adventurous.
  • The second area of ​​interest is the $50 level. Again, a major psychological threshold. It also represents a Fibonacci 61.8 zone which, I remind you, can serve as support and bottom in the event of a bullish recovery with momentum . Finally, an OB ( Order Block ) is located in the same limit, which increases the probability of rebound.

Finally, I receive many questions asking me on which site I analyze my values. Personally, and for many years, I use  TradingView , an intuitive interface with a lot of tools and a wide choice of assets. It is clearly the most developed and used interface on the market.

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