Bitcoin and altcoin overview (October 02-03)
Yesterday, we saw another wave of decline in Bitcoin, which we warned about yesterday. The escalation of the conflict in the Middle East influenced the strength of the decline.
As a result, we reached the next buyer's zone, within which we continue to trade.
During the decline, new volume zones formed, which are now located above the current price, which is very bad for the buyer.
The largest horizontal volumes are focused at $62,000, and as long as we are below this mark, there can be no talk of recovery.
At the moment, we do not observe any strong purchases; most likely, in the near future, we will see a flat within the 2 nearest volume zones.
For now, the priority direction for intraday positions is short.
Buying zones: $61,000-$60,200 (volume protection), $57,000-$56,400 (volume zone).
Selling zone: $62,000 (largest horizontal volumes), $63,450-$64,000 (volume zone), $64,300-$65,000 (mirror zone), $66,500-$68,200 (volume zone), $72,000 level (seller's market activity).
Due to yesterday's fall, the dominance level of the first cryptocurrency has increased, so we advise refraining from opening medium-term positions in altcoins.
For intraday trading, choose coins with low correlation to Bitcoin
As a result, we reached the next buyer's zone, within which we continue to trade.
During the decline, new volume zones formed, which are now located above the current price, which is very bad for the buyer.
The largest horizontal volumes are focused at $62,000, and as long as we are below this mark, there can be no talk of recovery.
At the moment, we do not observe any strong purchases; most likely, in the near future, we will see a flat within the 2 nearest volume zones.
For now, the priority direction for intraday positions is short.
Buying zones: $61,000-$60,200 (volume protection), $57,000-$56,400 (volume zone).
Selling zone: $62,000 (largest horizontal volumes), $63,450-$64,000 (volume zone), $64,300-$65,000 (mirror zone), $66,500-$68,200 (volume zone), $72,000 level (seller's market activity).
Due to yesterday's fall, the dominance level of the first cryptocurrency has increased, so we advise refraining from opening medium-term positions in altcoins.
For intraday trading, choose coins with low correlation to Bitcoin
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