Bitcoin asserted its dominance over the weekend, recovering its losses from a highly volatile week and successfully retesting a key level of resistance, which it turned into support. This marked a significant victory for the bulls, especially as bears attempted to push the price down by 10% at the week’s start before momentum swung back. This recovery also coincides with the South Korean market’s move to grant access to the US-based Bitcoin ETF, bringing the fourth-largest Asian economy closer to the Bitcoin ETF, to which they previously lacked access.

Bitcoin Follows the Trend, Is $76,000 Next?

Following last week’s developments, Bitcoin respected the historic trendline from February 28 and completed what is known as the C Wave within the Symmetrical Triangle. Ideally, I prefer to see a completed Elliot Wave sequence (comprising all 5 waves ABCDE) within a Symmetrical Triangle before a breakout. Hence, I am keen on a successful retest of the Symmetrical Triangle and a close above $71,350 before targeting $73,850, and then $76,000. At the time of writing, Bitcoin has broken out and retested the Triangle but is yet to maintain a positive market structure on the 4-hour timeframe above $71,300.

From a broader perspective, my sights are set on $76,000, which is a key 113 Fibonacci level measured from the weekly high. The 113 Fibonacci level typically signifies a major resistance point when attempting to set new highs. However, should Bitcoin surpass this level, my next target would be $83,000.

Altcoins Surge, Following Bitcoin’s Lead

Ethereum (ETH), XRP, Solana (SOL), and DOT are among the coins that saw significant gains in the previous bull run and have since reacted strongly to Bitcoin’s overall price movements, among many others. However, what I’ve learned as a trader is that it’s not about the quantity of coins you chart or trade; it’s the quality. Personally, I prefer to focus on the top 100 when trading, especially for leverage and spot trading off key support and resistance levels, aiming for those 10% and 20% swings at major levels of confluence.

Consider the following charts, each demonstrating a key level and providing confirmation for strategic trades. We’ve extensively covered Solana (SOL) in recent weeks, observing how its price reached my predicted level of $167, offering a 10% swing opportunity. Ethereum retraced towards my alert at $3,320 and closed above $3,700, yielding an 11% gain. Identifying these key levels can help avoid potential stop-outs although not guaranteed and emphasizing the importance of patience

in trading. Contrary to popular belief, successful trading doesn’t mean being in front of your computer 24/7, it’s about strategic planning and execution.

XRP continues to face resistance, particularly around the 63c zone. A review of past price action reveals frequent rejections at this level. I compare this scenario to an old-style miner striking a rock in search of gems; eventually, persistence pays off. The breakout moment for XRP is still potentially there however the question is when. While I don’t hold XRP personally, I recognize its interest to many, hence sharing my analysis.

DOT, often underappreciated, ranks among my most traded coins, with leverage trading being my strategy of choice. The attached chart, although complex, reflects ongoing analysis as DOT bounces off a key Fibonacci level—the 618—and a falling wedge into crucial support. Ideally, a close above ~$9 would indicate readiness for the next upward move.

USDT Dominance Set for a Tumble: Market Impact?

As noted in last week’s post, USDT.D and Bitcoin exhibit a negative correlation. Currently, the USDT.D chart suggests a potential downturn as the price completes its fifth wave within a Symmetrical Triangle Pattern. My long-term target for USDT.D has been around ~3%, closely aligning with the Nov 2021 bull run peak. This target not only coincides with the Symmetrical Triangle’s projection but also intersects with a critical support and Fibonacci level identified using the trend-based Fibonacci extension tool.

In essence, predictions for Bitcoin longs are complemented by corresponding analyses on the USDT.D chart for a comprehensive market outlook.

I hope this week’s segment has provided valuable insights. Join us for an Empire Live Market Scan every Wednesday night at 7pm for a FREE session with a coach. Simply register on the Empire Crypto Trading Social Media and Educational Platform.

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The post BTC Makes History! Altcoins Rally Off Critical Levels! appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ April 10, 2024 1:06 am