Market Update | BTC | ETH | DOT | MATIC |

In this blog, I will give you a general market update and talk about BTC and some other altcoins like ETH, DOT, MATIC and WRX

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After, Bitcoin fell from its new all-time high at the level of $66,998 it fell all the way to 59,523 and is currently trying to hold the $60,000-$61,000 though it seems weak and the volume is also not all that much. The altcoins pumped for a little while as the Bitcoin dominance fell but they all have kind of stopped moving, To help you better understand here are some BTC and altcoin update

Bitcoin

Bitcoin is currently trying to hold the $60k level, the volume seems to be low and it seems it is going to test some lower levels before it gets back up, if we look at the support level the strong support zones are at $53K and around $50.5K other than this I don't see any major support level. If the current support level breaks then there is a very high possibility that we test these two levels. If we talk about the resistance levels, BTC has the closest resistance at $62.6K

As of what I think is, I am bearish on BTC for the short team because of this week candle formation as of now its 3 hours before the weekly candle closing if the candle closes above $61,500 then I am bullish as of now it does not seem like it and if it closes below it, then we can see Doji star-forming which is a bearish signal we saw this same signal in the monthly candle when we first reached an all-time high of $64K and we all know what happened after it, If the bearish scenario happens then we can see 50K levels and in the worst case 40K which seems a bit unlikely but you should keep an eye on it, Otherwise in the bullish scenario we may go test our all-time high again.

Ethereum

We all love ethereum at this point and know how great it is, for long-term holding ETH is one of the best projects to go for. Ethereum has proved that by giving exceptional returns to its investors and as the adoption of blockchain will increase we can see this project going even higher. If we talk about its analysis then the upper trendline is acting as a strong resistance for ETH. The current support zones for ETH are $3666 and $3350

For the resistance levels, we have the trendline acting as a resistance, and other than that $4151 is currently the closest resistance for Ethereum to look at after that the other resistance is at $4376

Polkadot

Polkadot is another project to look at in this market, if the market takes a correction you can look for accumulating more DOT. If we talk about its support levels then the first level that I see is the $41.52 level, but if we talk about major support levels then it is at $30.06-$31 and $26.55 which would make a very good buying zone if the price comes there. If we see its resistance level then the first one is at $44.14 which has been pushing the price down for quite a while now and after that, another resistance level is at $46.36 these are all the major levels for you to keep an eye at.

The upward channel which DOT broke earlier the price has seemed to enter that area again the upper trendline has always acted at a strong support/resistance and now that the price is below it, it will be strong resistance, the lower trend line is at $37 so you can see how the price reacts once it gets there.

MATIC

Matic recently broke its accumulation zone and was expected to give a good rally but seeing the current market situation the price has again entered that zone we have to see how the price reacts when it test the lower level of the zone for now its support levels are at $1.43-$1.465 and $1.306 and strong support level which is very unlikely to be tested is at $1.01-$1.07, you can look at all these levels for possible buying zones.

The resistance levels for MATIC are at $1.6 and $1.69 these two are the closest resistance levels to look at, also for the long term MATIC is an extremely great project it will give you good profits in bull time.

OVERVIEW

So these were the three alts that I wanted to discuss with you today, I have talked about some other altcoins in my previous blogs, So you can check that out as well, now for my overview part, I think we should not get overbullish at thus pointing the price is currently holding $60k but I don't see any heavy buying bears seems to be in charge currently, and, Its always healthy to take a small correction after such a rally to gather all the fuels and it would be a great time to get your hands on all the alts that you might have missed before. If the market comes down then for bitcoin as discussed above $51-$53K are the probable zone to look at. Also, those who are reading till now I have a surprise for you WazirX is planning on launching Decentralised Exchange you can expect a very good rally from WRX, so you can look at getting more WRX between the $1–$1.3 area you can divide it into 3 parts for safety.

If you have any doubt or problem regarding this or you have any suggestion you can freely contact me on my socials.

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