Checked the charts this morning. Here's what I'm thinking.
Everyone's expecting BTC to drop below $58000, given the current trend and the fact that it's already down 4.81% in the past 24 hours, hitting a low of $58115.01.
The consensus is also bearish on ETH, with many predicting it will struggle to stay above $1540, considering it's already lost 6.32% in the past day, with a low of $1532.90.
However, I think people are overlooking the fact that BCH is up 5.8% and AAVE is also performing well, which could indicate a shift in market sentiment, and with SOL currently at $64.33, I think it has the potential to bounce back.
My contrarian read is that the current relief rally in BTC and ETH might actually have some legs, especially if the market starts to focus on the potential for cross-border foreign exchange settlements, which could boost the price of stablecoins and in turn support the rest of the market, with potential entry zones around $58300 for BTC and $1530 for ETH, stop-loss at $58000 for BTC and $1520 for ETH, and take-profit at $60000 for BTC and $1600 for ETH.
I'm cautiously bullish, and I think we could see a move upwards, especially if the market starts to focus on the positives, like the growth of blockchain-traced flows, which could boost the price of coins like XRP, currently at $1.0174, and DOT, currently at $0.8260.
#cryptomarket #bitcoin #ethereum #blockchain 🚀💰
Everyone's expecting BTC to drop below $58000, given the current trend and the fact that it's already down 4.81% in the past 24 hours, hitting a low of $58115.01.
The consensus is also bearish on ETH, with many predicting it will struggle to stay above $1540, considering it's already lost 6.32% in the past day, with a low of $1532.90.
However, I think people are overlooking the fact that BCH is up 5.8% and AAVE is also performing well, which could indicate a shift in market sentiment, and with SOL currently at $64.33, I think it has the potential to bounce back.
My contrarian read is that the current relief rally in BTC and ETH might actually have some legs, especially if the market starts to focus on the potential for cross-border foreign exchange settlements, which could boost the price of stablecoins and in turn support the rest of the market, with potential entry zones around $58300 for BTC and $1530 for ETH, stop-loss at $58000 for BTC and $1520 for ETH, and take-profit at $60000 for BTC and $1600 for ETH.
I'm cautiously bullish, and I think we could see a move upwards, especially if the market starts to focus on the positives, like the growth of blockchain-traced flows, which could boost the price of coins like XRP, currently at $1.0174, and DOT, currently at $0.8260.
#cryptomarket #bitcoin #ethereum #blockchain 🚀💰