In this era, where everything is going to be digitized. People work remotely from home through digital applications and platforms. Commencement of home-based offices is a gift and innovation of digital technology. Digital systems will advance day by day and this digitalization also changes the use of money. Nowadays people use digital currency for trading, purchasing things from foreign countries, and in fact for their savings and making their assets they also utilize digital wallets. Bitcoin (BTC) is a cryptocurrency (virtual currency) which was also introduced in the era of digitalization.
Many traders around the globe who trade in the stock market amplify themselves and now they are trading in the crypto market. The badass of the crypto market is BTC or Bitcoin. Some big companies also show their interest in this market and launch their coins. Coins other than BTC are called ALT coins. Some famous ALT coins are SOLANA, DOT, AR, MATIC, PEPE, ETHEREUM, NEAR, and many more. Today the BTC price in the crypto market is goofing around 60000 USDTs to 61000 USDTs. I called BTC a badass of the crypto market because if BTC dumps then most of the time it will destroy the worth, price, and stability of ALT coins.
This chart shows how BTC’s last big dump impacted the position of ALTcoin SOLANA(SOL). SOL is standing at the price of 194 USD. After the dump, SOL went down in a few days from 194 to 109 USDTs. Just think about the new traders who think that SOL is stable now and buy it at the point of 194 or 180 and then suddenly they face a great crash. The traders with big wallets survive in these situations but new traders or the people who just start trading without any experience pay the price and make some rich people richer than before.
According to my analysis, the trend of the crypto market now is showing a downtrend. On the daily chart BTC is making an inverse Cup and Handle pattern and if it is completed and broken down then most probably BTC is going down and looking at the price of 47000 USDTs and getting the support of a weekly log chart. But the main issue is if BTC breaks that log chart then BTC is further going down and got a position of 38000 USDTs. Let’s have a look.
Analysis tells me to find out and suggest the others to find the perfect position and take trade for a short position. For the traders who want to take long positions, there is also good news for them: the weekly chart bullish flag is still valid and if that breaks then BTC will go high and look at the position above 80000 USDTs. But for this, you have to wait for BTC to close at a price above 68000 USD on its weekly closing. If that happens then you also take trade in any famous ALT coins I mentioned before and enjoy a good profit.
