Last Week Recap
As opined by our internal team last week, Bitcoin broke the $46K support which led to a steep drop to the $30K mark. The crypto market continued its dip with the $30,000 level support retested twice. From peak ($63K) to trough, Bitcoin is down about 50%. Many altcoins were decimated as well before climbing up gingerly. Indeed, for the newly-initiated crypto traders and investors (less than a year), last week’s gyration had been a baptism of fire.
For this coming week:
- We may start to see Bitcoin and altcoins inch back slowly till end of this week if the peak-to-trough theory holds. A rebound usually accompanies a 50% drop next.
- Market is whipsawing as traders look for ideas. We believe next resistance level to be $42K. If Bitcoin can break through this level, the crypto market should be on the road to recovery. Support is maintained at $30K.
- For traders and investors with dry powder left, it maybe good to trade short swings.
- MATIC, ADA, SOL and THETA remain our team’s favourite plays as they are some of the key projects for the decentralised tech world.
- Watch out for ICP.
As usual, trade with care. Trade with what you can afford to lose.
