Trading Newsletter #2

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Author

Coin Wire
April 09, 2024

Market Analysis

In our analysis on April 5, as discussed earlier, BTC retraced toward the green zone but was unable to break through, suggesting a potential rebound now. Currently, it has reached a rebound zone of around 69k-70k. This area would act as resistance to push prices lower. If this zone was surpassed, the market would indicate a trend reversal (contingent upon not dropping below 64k), signifying a potential end to the current downward trend.

You can see the price range above was playing a role as Support and Resistance (SNR). A breach of this range would support a price increase!

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Fast forward to the data on April 8, the lower green zone acted as strong support and yielded a positive response, leading to a swift price rebound within a few days. Additionally, the SNR (Support and Resistance) zone experienced a minor downward reaction; however, this decline failed to establish a new low, resulting in the swift invalidation of this SNR.

As you can see in the chart above, BTC still faces a final supply zone around the 73k area. If BTC successfully breaks above this level, there is a high probability of a slight retest followed by a continuation to new all-time highs (ATH).

The condition to trigger a downward trend is the daily candle closing below 64k, which is currently unlikely to happen. Therefore, it is more advantageous to expect easier profits from an upward trend rather than persistently selling at resistance levels.

3/ Signals: This week, there are a total of 5 calls - 4 private and 1 public. All 5 calls have yielded over 100% profit. Additionally, one call from the previous week's setup also achieved over 100% profit. The sequence is as follows:

Previous week's setup: Private - Link

Altcoin overview

Currently, Altcoins are showing modest increases alongside BTC's upward movement. However, these gains are minimal due to BTC's simultaneous rise in dominance (BTC.D), diverting market interest towards BTC and limiting significant growth for Altcoins.

The optimal scenario for Altcoins to rally would be when BTC stabilizes without significant movement, and BTC.D decreases.

Altcoin's Total2 is approaching a historical resistance level that has thwarted attempts to reach All-Time Highs (ATH) three times before. There is anticipation that this time, with BTC surpassing its peak, Altcoins will ride the market sentiment, potentially igniting a strong FOMO (Fear Of Missing Out) trend.

Regarding the current Altcoin market share, a few projects are making new All-Time Highs (ATH) apart from the ones analyzed in previous weeks such as ETHW and BCH. However, other coins discussed in recent analysis have successfully established new ATHs.

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This week, a token recommended for a Long position by Coinwire at 4.9 has surpassed its All-Time High (ATH). The call, made at the support of BTC and TON channel adjustment, is now generating a 400% profit if the position is still held. You can find the call link here: Coinwire Trading Announcement - Call

TON has recently reached a new ATH and continues to exhibit bullish behavior, with its closest support also at 4.9.

At the start of the week, there are currently no signals being issued. This is due to BTC nearing its previous peak, making sell orders difficult to execute and long positions unattractive due to wide stop-loss distances. It's advisable to remain on the sidelines and monitor the market. If BTC breaks its All-Time High (ATH), then we can consider identifying a confirmed entry point. Trading conditions for this week are anticipated to be notably more challenging.

There's another token experiencing a strong upward trend, which is CYBER. However, the entry point for a spot order is currently around $7-8. With this strong upward momentum, it will be challenging to enter positions at favorable levels. Keep an eye on this token and consider adding it to your watchlist!

Tracking plan Public: click here

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