In a recent analysiscrypto analyst and celebrity host of Crypto Banter Jonathan Fiorenza shares valuable insights into the current state of the crypto market, focusing in particular on Bitcoin’s resilience and the potential for an altcoin season.
With a macro perspective in mind, the expert examines Bitcoin’s price action, giving traders important 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 ever-changing dynamics and comparisons to past cycles, Bitcoin has shown remarkable strength, holding firmly above a crucial diagonal support level.
Related: Will Bitcoin (BTC) Price Reach $20,000 or $40,000? Michael Van De Poppe Charts Bullish And Bearish Targets – Coinpedia Fintech News
Traders who followed Jonathan’s earlier advice on a specific trading zone called the “blue box” would have enjoyed profitable long positions. The analyst is advising traders to exercise caution as the market approaches resistance levels and suggests taking some profits in anticipation of possible market swings.
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 show 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 be selective when it comes to altcoin trading, focusing on strong candidates rather than taking a broad approach. Jonathan analyzes the ETH/BTC pair as a significant indicator, highlighting bearish rejections on 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, acknowledging the importance of strong altcoin candidates that can hold their own against Bitcoin.
