🚀 What should I launch this week?*
Our trader-analyst Egor has prepared a market analysis and recommendations for you on relevant instruments👇
Last week, after reaching an important resistance, the price of Bitcoin resumed its decline. The market needed strong purchases to break the downward trend. Unfortunately, these purchases didn’t resume, leading to an even deeper correction.
Yesterday, on November 17th, we reached the mid-term purchase zone of $97,000-$93,000. The seller's Price Action decreased, but volumes increased. The selling pressure remained very high, but the delta and performance showed that most of it was absorbed by the limits. At the same time, the market buyer did not show itself, which is why the expected rebound to the long did not occur.
The price is currently consolidating below the support. The "magnet" for the decline is directed towards the area of $88,000-$82,000, which is the next medium-term buying zone. The fear and greed index has dropped to an extreme value of 15. On the medium-term horizon, we remain in a downward trend. Above the current price, there is a mirror selling zone of $93,700-$97,800, from which the decline is likely to continue.
💡 What should we pay attention to?
It's better to wait with longs now, or consider assets that demonstrate relative strength and are less affected by the market. At the moment, these are $ASTER, $STRK, and $TEL.
🤖 What to launch?
Futures bots
To work out the current situation, the most effective tool will be the use of futures bots — especially Crypto Future. It’s able to catch sharp changes in local trends in time and make money on volatility. Also, in the absence of corrective buybacks, the bot will be able to join the subsequent decline.
*This post is not a financial recommendation. Make decisions based on your own experience.
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