Longs are getting filled on the way down, but the bears are still in control. The local bottom should be in once these early longs capitulate.

$57k-$59k reached ✅

I'm going to check now the lower timeframes and the indicators to see if a local bottom could be formed around here.

OTHERS (Altcoins market cap) update

It finally reached support and it's forming a potential double bottom.

I'm buying some low cap altcoins here. Not sure about new highs, but we could see a decent bounce from current levels.

ETH

$2700-$2800 support reached.

ZCX update

Several touches to the re-adjusted range high, using it as support. BTC pair keeps looking good.

Adding a bit more to this one.

ETH/BTC


Deviation below the range low. Looking good for a move to the mid-range.

The next decision on the approval of Ethereum ETFs is expected by May 23, 2024. This could be a narrative for the move up.

Solid reaction from the $57k-$59k liquidity zone.

SOL

It reached an important support level (S/R flip), and it looks like a potential double bottom formation, same as many other altcoins.

I entered a long here.

Added a bit more to the SOL long.

Avg. entry = $133.71

Several people have sent me screenshots showing incredible profits from the SOL long positions, and I'm very grateful for your kind words thanking me. However, I noticed that the leverage used by some of you was very high.

It's important to remember that none of the information provided is financial advice, and that trading with high leverage carries significant risks.

Thank you for your attention and engagement!

Some Friday morning thoughts.

Bitcoin is showing strength at these levels, as expected. A clean break above $61k would be a very strong confirmation for higher prices, which is likely.

The analysis has performed perfectly over the past few weeks. It's not easy to predict the market. It takes a lot of time, effort, experience, and discipline. And it becomes even harder when you have public exposure. Some people will try to highlight your mistakes and hide your successes. Also it's always based on probabilities. You are never going to be 100% right, but as long as you are most of the time on the right side, able to resist the swings and be patient, you will do well.

Sometimes I wonder why I do this for free, especially after what happened last year. My purpose from the beginning has always been to learn and discuss technical analysis and trading, my passions. Also to help other people to lead better lives. Now the space I had for that has turned into a very toxic place which I increasingly dread entering, hence why I decided to start posting on Telegram and close the comments. Not out of cowardice, simply because I don’t want unnecessary negativity/toxicity, especially in my workplace, which should be like my home. It's like closing the windows to prevent dirt from coming in. Moreover, many people were using my visibility to try to gain it themselves, by commenting anything just for the sake of getting likes, which is something I won't allow.

With this said, I wish you all a great weekend!

Appreciate the support from everyone. Due to the volume of messages, I may not be able to reply to all, but I appreciate each one.

Taking the weekend off. More updates coming next week.

ETH

Nice bounce form the support zone. Ltf is looking good for bullish continuation, and a flip of the $3,300 level would be another bullish confirmation for higher prices, potentially a new ATH.

As posted the other day, the ETH/BTC pair is also looking good, so I think ETH and altcoins will outperform BTC these next few days.

Short-term shakeout seems over. Expecting bullish continuation soon.

Many people asked about the altcoins I bought recently when I mentioned that the local bottom was likely in. I've shared some of them, like ZCX and the SOL long. However, I've only shared others that are under a $100m market cap with friends, because I don't want to influence their prices, even if it's in a positive way.

Big bounce incoming imo.