As the market continues to bleed out, it’s good to keep an eye on the levels where we may expect a bounce or price action to be supported. This is beneficial so we can have targets for short positions, but also in case we are interested in accumulating any coins we have a level that would be wise to do so.
This update is just a select few altcoins and BTC that I am watching, however I can absolutely add more charts if viewers have any requests for identifying support levels.
Let’s start off with SOL. Currently getting supported by the $20 level, there are a lot of buyers here as well as it being a psychological rounded number. But if BTC keeps dropping, then SOL will do the same. And the next level to expect some large support is $17 (almost a 15% drop!). And if things get very ugly, then we can expect to see SOL back around $15.
ALGO up next. Also sitting on support currently, but has very little price action below this level. If ALGO loses this support level, my levels to watch are at $0.14 and $0.12. If both of those are lost, then ALGO will be entering lower levels than it has seen in years!
ADA is finding some support on a recent market structure uptrend, but if this is lost then we have a reasonably small drop of 5% to $0.33 and beyond that we would be looking to revisit $0.30
LTC appears to be hovering around a resistance band although it has put in decent price action today despite BTC pulling back. If LTC loses this momentum, then I would be looking for a retest of support at $75, followed by $66 territory.
And last but certainly not least, we have BTC. My opinion is that BTC is in a support band currently, but looking weak and that it may not hold. If BTC cannot hold the $27k area, then a move close to $25k would be expected. If a deeper retrace occurs, the next level of support beyond that is $23.8k
As the market continues to bleed out, it’s good to keep an eye on the levels where we may expect a bounce or price action to be supported. This is beneficial so we can have targets for short positions, but also in case we are interested in accumulating any coins we have a level that would be wise to do so.
This update is just a select few altcoins and BTC that I am watching, however I can absolutely add more charts if viewers have any requests for identifying support levels.
Let’s start off with SOL. Currently getting supported by the $20 level, there are a lot of buyers here as well as it being a psychological rounded number. But if BTC keeps dropping, then SOL will do the same. And the next level to expect some large support is $17 (almost a 15% drop!). And if things get very ugly, then we can expect to see SOL back around $15.
ALGO up next. Also sitting on support currently, but has very little price action below this level. If ALGO loses this support level, my levels to watch are at $0.14 and $0.12. If both of those are lost, then ALGO will be entering lower levels than it has seen in years!
ADA is finding some support on a recent market structure uptrend, but if this is lost then we have a reasonably small drop of 5% to $0.33 and beyond that we would be looking to revisit $0.30
LTC appears to be hovering around a resistance band although it has put in decent price action today despite BTC pulling back. If LTC loses this momentum, then I would be looking for a retest of support at $75, followed by $66 territory.
And last but certainly not least, we have BTC. My opinion is that BTC is in a support band currently, but looking weak and that it may not hold. If BTC cannot hold the $27k area, then a move close to $25k would be expected. If a deeper retrace occurs, the next level of support beyond that is $23.8k
