In a recent analysis, crypto analyst and famous host of Crypto Banter Jonathan Fiorenza shares valuable insights into the current state of the crypto market, particularly focusing on Bitcoin’s resilience and the potential for an altcoin season.
With a macro perspective in mind, the expert examines Bitcoin’s price action, providing traders with key levels to watch and potential trading opportunities.
Bitcoin Trading Opportunities
Jonathan’s analysis underscores the robustness of Bitcoin’s price movement in the current market cycle. Despite the ever-changing dynamics and comparisons to previous cycles, Bitcoin has demonstrated remarkable strength, firmly holding above a crucial diagonal support level.
Related: Will Bitcoin (BTC) Price Hit $20K Or $40k ? Michael Van De Poppe Maps Bullish and Bearish Targets – Coinpedia Fintech News
Traders who heeded Jonathan’s earlier advice regarding a specific trading zone referred to as the “blue box” would have enjoyed profitable long positions. The analyst advises the traders to exercise caution as the market approaches resistance levels and suggests securing some profits in anticipation of potential market fluctuations.
Altcoin Season Around The Corner?
Jonathan delves into the world of altcoins, offering a perspective on their performance and the potential for an altcoin season. While altcoins have shown pumps in USD terms, the expert notes that they have struggled to exhibit strength against Bitcoin.
More Insights From Fiorenza: Top Altcoins For A Winning Portfolio: High And Medium Risk Strategies – Coinpedia Fintech News
He advises traders to exercise selectivity when it comes to altcoin trading, focusing on strong candidates rather than opting for a broad approach. Jonathan analyzes the ETH/BTC pair as a significant indicator, highlighting bearish rejections at a particular orange trendline.
This indicates the challenge altcoins face in outperforming Bitcoin. He advises traders to carefully monitor key levels for potential bounces or shorts, recognizing the importance of strong altcoin candidates that can hold their ground against Bitcoin.
