Bitcoin (BTC) and Altcoins Analysis: This Week I Pick Solana (SOL)

Bitcoin is playing tricks on us at the start of the week. The traditional bitcoin/market correlation has rarely been so strong. Given the macroeconomic conditions and uncertainty we’ve been navigating through in recent days, investors remain cautious and buyers are scarce. The market is not reflected in strong fear on the part of investors. The decline seems to be continuing, but for how long? Bitcoin (BTC) continues to fall in its price range. Even worse, it’s falling back on its altcoins in the fall which you’re struggling more and more to find Pushing force. In parallel with Bitcoin, I present to you Solana (SOL) analysis at the end of the page. We’re heading to Bitcoin 360° this week. I will try to be as complete as possible in sharing my feelings about the market. Fun reading!

SP500 loses momentum

I talked about it in my article a few weeks ago. The index sees itself losing support at $4,150. This is too bad, especially since the correlation between Bitcoin and the traditional markets is very strong. It is therefore necessary to monitor it, which dictates a large part of our investment. I imagine a bounce on old support now becoming resistance. The next big support is $3,400. It’s a long way off and I’d imagine a forward recovery, but it’s a scenario that shouldn’t be ruled out.

I rule out a return of subsidies, but that would require good news, especially in terms of interest rates, I imagine.

Intense fear of investors

The Fear and Greed Index It fluctuates between 10 and 12 at the start of the week. This has rarely happened throughout history and often reflects moments of great fear and thus opportunity. I do not say that we are witnessing a lowerBesides, just taking some long positions at that level due to fear makes perfect sense and could be a good strategy.

one bitcoin down elegant – tidy

I took the Bitcoin Workday Planner to gain some perspective and try to understand. During the last high cross in November, the price reversed step by step, creating another ATH (all-time high).

If we refer to this logic, the scenario of getting out of the last low point last June before the rally is possible. Additionally, at these levels, there is a huge demand for liquidity in the $24,000 region. That’s why I put a possible scenario with the lines in blue. In case of a bullish run, the blue zone at $55,000 would be a place with strong profit taking.

Let’s take a look at the RSI. The latter is close to the lower end of the range. I put straight lines that frame the RSI, I don’t necessarily use them but I find it interesting to have them in the sense that the price and the RSI keep dropping until they cross 30 on their way down.

If we zoom in on this tool, and point to the past, we see something interesting. When the RSI drops below the 30 level, the price tends to be undervalued, which is how the tool is often learned. In this case, it is interesting to make purchases in the currency of DCA (Average Cost in Dollars).

Be careful, this is not a reason to buy with leverage, just take an instant position on the assets you value.

Solana is suffering from the situation

Obviously, the trend is no longer in L1s like in 2021. Solana has been one of the more bullish assets over the past year. We note that the volumes are very low and constantly shrinking. It will take the volume back before taking positions and surfing the next noise.

It has highlighted the area of ​​the most recent accumulation which may be a place that shoppers will be interested in.

At the moment, we are seeing an asset continuing to fall without a real buyer and struggling with the traditional market and Bitcoin.

If you love the Solana ecosystem and want to take a stand, then again, a DCA from the latest buildup is totally possible.

Finally, I get many questions asking me on which site I analyze my values. Personally, and for many years, I’ve been using TradingView, which is an easy to use interface with lots of tools and a wide range of assets. It is clearly the most advanced and used interface on the market.

This is the end of this analysis, feel free to give me feedback on my Twitter account @ 0xakina. Don’t be too greedy, take profit regularly, and have fun money management for you bargains Trust your original plan. Invest only what you can afford to lose as long as it doesn’t affect your morale too much. Have a good week everyone, and I’ll see you next week for a new analysis!

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Akina

Passionate about technical analysis and technology, I have been following cryptocurrencies seriously since 2017. Beyond trading and investing, I am trying to democratize, in my own way, the ecosystem that will undoubtedly change our habits of tomorrow!

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