Hello everyone 😃
BTC had a bounce from MA50 ( ) after a breakout above it.
Now EMA20 ( ) is attempting to break MA50 ( ) too !
cross is located at 51% which is showing that bulls have the lead for this week and this will make this opportunity for use to take advantage on ALTs/ BTC .
As we are talking now; It seems that BTC wants to retest EMA20 or MA50 on which is not very far from BTC's current level.
But there is a order block below current weekly close, so it could be a great zone to support BTC .
Next two hours is so important, If current candle closed above it; Then BTC will rush to retest .
at 62K level, There area many resistance levels which can reject BTC before any major pullback above ATH ...
MSB resistance line is located ~$61300; Historical resistance line is located at ~$61800 and is located between ~$62300 - ~$63850.
Bulls don't have enough financial superiority for break ATH at current minor pullback ! We may retest weekly close after any leg up to higher pressure zone.
🔴 Be caution, If any 12H candle closes below current ; Then bears will try to lead the pair to lower MSB line and !!
So It's not a good time for swing traders or scalpers to trade BTC for ±8%...
🔰 Now the question is : Which way is the most profitable strategy to trade with for next days or weeks ?!
There are many ways to trade and invest into crypto, I expect that the most profitable way is to increase our BTC bags; But it's not possible with low on BTC's movement.
There is another way to increase our BTC bags.
You can trade ATLs/ BTC ; It's the best time for ALTs to outperform BTC again !
There are many mid cap and low cap ALTs that didn't moved according to BTC's bull run and they are still in a dip.
Such as strong ALTs like : LINK, AAVE, YFI , ATOM, GRT , SNX , UNI
And some of the DeFi coins that seems about to breakout this week like : AAVE, COMP, BAL, CRV , SUSHI, BADGER, REEF, 1INCH, COTI, YFI .
As you can see most of the suggested strong ALTs are DeFi cause we didn't saw any major on them except LINK, AVAX, SUSHI, FTM , RUNE and YFI .
Also I'm scouting low cap alts that are bottomed that were hot projects a few months ago and still are but have endured a harsh sell-off.
Top of my head that includes NFTs ( TVK , ERN) as well asKYL (DOT ecosystem).
There will be another few coins that didn't moved according to last bull run Such as XRP.
📌 Note that All of the given strategies is for mid May, We might change our plan for late May !
There is a proverb which is saying : Sell in May and go away.
This month is of the biggest month for ALT-season since 2017.
Hope you enjoyed our analysis about BTC's weekly strategy🙌
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Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
Healthy consolidation, giving ALTs more space to continue running.
However, people become bullish at resistances, might be time that we'll have a correction on BTC.
Everything is fine with nothing to worry about if bitcoin keeps its price above the $55000...