Traders Remain Bullish on Bitcoin Despite BTC Sideways Action; Is SMOG a Good Alternative On the Pull Back?
Traders remain bullish on Bitcoin despite its recent price drop to $50,600 yesterday.
The number-one-ranked cryptocurrency is now trading in a defined range between $52,950 and $50,600 as traders anticipate its breakout to dictate the next direction.
Furthermore, the Bitcoin range-bound action provides opportunities to load up on lower-ranked alternatives that are currently seeing price pullbacks.
In particular, Smog Token ($SMOG) is catching traders’ attention as its price drop finally provides the perfect buying opportunity.
Traders Remain Bullish on Bitcoin With Block Halving Event On Horizon
Despite its sluggish price action this week, traders remain incredibly bullish on the future price of Bitcoin, considering the monumental Bitcoin block halving event is just weeks away.
The block halving is expected to occur in around 62 days, causing traders to start loading up on BTC ahead of the event as they treat every dip in price action as a buying opportunity.
The event will see the Bitcoin block rewards being slashed in half as they fall from the current 6.25 BTC reward per block to just 3.125 BTC.
The block halving caused the biggest bull runs in the industry’s history, and traders are expecting a similar outcome following the upcoming event in April 2024.
BTC Analysis: Bitcoin Toys With $50K Support as Market Moves Sideways
Bitcoin set fresh two-year highs this week after breaking above $49,000 to reach the resistance at $52,950, provided by a 1.414 Fib Extension.
The cryptocurrency now sets a range between this resistance and support at $50,600.
The breakout of this defined range would dictate the next short-term direction for the market, with a downside drop providing additional buying opportunities.
Looking ahead, the first support beneath $50,600 lies at $50,000. This is followed by $49,560 (.236 Fib), $48,285 (2022 highs), $47,360 (.382 Fib), $46,000, and $44,750 (Feb 2022 resistance).
On the other side, resistance first lies at $52,145 (late December 2021 highs) and $52,950.
Beyond $53,000, resistance lies at $54,000, $55,400, $57,000 (1.618 Fib Extension), and $48,355 (Feb 2021 highs).
What Meme Coins Are Good to Buy on the Dip?
While Bitcoin moves sideways, various newly emerging altcoins are starting to provide perfect buying opportunities as they experience price pullbacks.
In particular, the newly launched Solana-based meme coin Smog Token is turning heads as it approaches support at a .618 Fib Retracement – providing a buying opportunity for those waiting on the sidelines.
Smog Token ($SMOG) – Provides Perfect Entry Opportunity With .618 Fib Retracement Pullback.
Smog Token ($SMOG) has been the talk of the town in the meme coin sector this month after its fair launch on Jupiter DEX on February 7th, which caused a huge 1,400% surge in its first few hours.
The airdrop-focused meme coin continued to surge much higher, surpassing $0.09 last week.
$SMOG started to dip as $BTC entered its range-bound price movement this week. The meme coin has been trading in a downward channel since the weekend and has recently landed at the .618 Fib Retracement level at $0.51 – providing the perfect buying opportunity;
The dip is causing a sudden surge in volume as traders slowly load up on the token at the crucial level, especially considering the $0.05 support sits beneath.
Smog Token is a meme coin that seeks to bring the “greatest airdrop of all time” to the meme coin sector.
It allows users to buy and hold $SMOG tokens to accumulate airdrop points to be eligible for the airdrop.
Furthermore, there’s also a Zealy campaign that users can participate in to accumulate more airdrop points.
Users will earn airdrop points for completing tasks such as following Smog Token on X and liking its posts on social media.
The hype behind the Zealy campaign continues growing after the team announced that over 200,000 quests had been completed as users scramble to accumulate as many airdrop points as possible.
Furthermore, Smog Token went multi-chain last week through a Wormhole bridge, letting Ethereum natives profit from the meme coin moves upward.
$SMOG can now be purchased on both chains. The best place to buy the token is through the project’s website, which provides a 10% discount. Alternatively, it can be purchased on Jupiter DEX using $SOL.
Overall, the sideways action in $BTC provides fresh opportunities for those sidelined, and $SMOG is a top pick from meme coin traders.
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Filed under: Bitcoin - @ February 22, 2024 11:21 am