Altcoins
ADA, FTM and other altcoins to rise soon; indicators turn green
Currently, Bitcoin Bitcoin is up 4% and many altcoins are posting gains. According to The Sniper Trading Show analyst, this suggests that when the market is in a state of extreme fear, it can be a good time to take risks. To maximize gains, he recommends categorizing coins into low, medium, high, and very high risk. As the market rises, gradually sell the riskier assets and consolidate them into safer assets like Bitcoin, Solana, or Ethereum.
He also warned Analysts are aware of the potential for profit-taking on altcoins if they fail to break these levels in the coming weeks, while advising a cautious approach with Bitcoin. As the market reaches its peak, it is crucial to move from a broad altcoin portfolio to a more concentrated portfolio of safer assets. The Stochastic RSI does not provide a specific price for selling, but rather a sentiment-based signal indicating when the market is overbought.
He also discussed Ethereum strength, noting its recapture of a key trendline and moving average. Bitcoin dominance is also a key indicator, with changes suggesting when to shift from Bitcoin to altcoins.
The analyst discussed the trading potential of altcoins such as ADA, FTM, AVAX, and LINK, highlighting specific price levels. Talking about projects like Injective and Cardano as primary targets, he said that there are chances of them breaking through the current resistance levels.
He then spoke about expectations for significant gains, noting that targets like Fantom were moving back into the 60- to 70-cent range and Solana is holding strong, perhaps reaching all-time highs first. He also discussed AVAX approaching critical areas.
What about Bitcoin?
The analyst began by analyzing Bitcoin’s short-term outlook, noting a recent trend break and strong resistance around $64,000. The analyst outlined two scenarios: a potential pullback to support areas near $59,000-$60,000, including important Fibonacci levels. He anticipated a possible rally toward $66,000-$68,000, looking for signs of bullish momentum, such as an inverse head and shoulders pattern.
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