Bitcoin loses support, altcoins stall again - Steady Lads
Bitcoin loses $76,000 and altcoins fall. Cara details the levels to watch before the publication of US inflation.
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The market capitalization excluding stablecoins, measured by the TOTAL.ES index, records new lows on the weekly chart. It returns to the level of the March peak. However, the market has crossed this zone several times in both directions since. Cara therefore gives it little weight as support, that is to say as a level likely to slow down the decline.
Bitcoin has also lost an important benchmark. After a rebound to around $81,000, the price dropped below $76,000 and ended the week near $74,000. Cara locates the next chart support marked around $66,000. This level serves as a benchmark if the decline continues.
However, a rebound can form higher, particularly around $70,000, if buyers return. At this point, he prefers to observe their reaction before taking a position.
Altcoins also lost dollar support. Cara places their next support zone around $430 billion in capitalization, a level where prices stabilized this summer. If the market falls there quickly, it envisages a short-term rebound. At the same time, altcoins broke the trend that supported them against Bitcoin since the beginning of May. Their weakness can therefore also be seen in relation to BTC.
On the Ethereum side, last week's rebound stopped near a former support which now stands in the way of the rise. Further down, the $1,950 zone catches Cara’s attention: it corresponds to both an old low and the passage of a trend line followed since 2022.
Facing Bitcoin, ether is also entering a zone where a rebound is possible, after an attempt to rise which ran out of steam.
The publication of American inflation constitutes a point of observation for Cara. After the loss of several supports, he is mainly looking to see if buyers manage to hold a level beyond the first price reaction. See you on Wednesday for the video graphic analysis.
Pro trader Cara from Steady Lads, the premium branch of Journal du Coin, takes you behind the scenes of crypto trading: a real portfolio of $100,000, decisions explained and continuous support in a community to better understand each market phase.
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- Journal du Coin9 Nov, 17:00
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