QUICK MARKET UPDATE|MONDAY OPENING CAN BE SCARY?|BTC MORE DUMP AHEAD?

Summary

In this quick market update, the speaker provides insights into the current crypto market, focusing on the behavior of altcoins and Bitcoin in relation to their 4-hour EMA. The speaker advises caution in trading ahead of Monday's market opening, expecting potential volatility. Specific altcoins like LTC, BNB, and Solana are highlighted for potential trades, with a focus on scalp strategies. Key support levels for Bitcoin and Ethereum are mentioned, and overall, the speaker stresses a balanced trading approach, avoiding overtrading while managing existing positions and preparing for upcoming market shifts.

Takeaways

• 😀 Altcoins and Bitcoin are facing rejection from the 499 EMA, and coins that have surpassed it are retesting it as support.
• 😀 The 4-hour EMA is acting as both support and resistance across various tokens.
• 😀 The market is expected to experience some volatility, especially around Monday's opening and the New York market opening.
• 😀 It's advised not to trade heavily until Monday's market opens due to potential market pullbacks.
• 😀 Gold is breaking down from its support at the 130-129 region and may form a short trade setup in the smaller time frames.
• 😀 For long trades, BNB is a strong token as it has already tested its 4-hour EMA as support and is retesting it.
• 😀 Solana is a candidate for short trades due to its current market behavior.
• 😀 Bitcoin's nearest support levels are at 83700 and 82400, with the main support at 79-80k if those levels fail.
• 😀 Ethereum could experience a retrace, and a long trade may be considered around the 1530-1540 price range for scalping.
• 😀 Strong altcoin REE (RE) is showing potential for a long trade between the 1.75-1.8 range, based on recent price movements.
• 😀 It's recommended to avoid overtrading in the current market, as there is a lack of volume and the weekend market can be unpredictable.
• 😀 A hedged approach to trading is suggested, where both long and short positions are maintained to reduce risk and manage profit/loss effectively.

Q & A

What is the significance of the 499 EMA in the market?

The 499 EMA (Exponential Moving Average) is acting as both support and resistance for many altcoins and Bitcoin. Prices are getting rejected from this level or are using it as a support to rebound.

What is the current market scenario according to the speaker?

The market is experiencing mixed movements with different altcoins either testing their 4-hour EMA as support or resistance. The speaker is cautious about entering new trades, especially until the Monday market opening.

Why does the speaker advise against trading before Monday?

The speaker anticipates some market volatility, or 'bloodbath,' after Monday's opening, as well as potentially negative news that could impact the market, particularly when New York opens.

What is the speaker's stance on trading gold?

The speaker notes that gold is breaking down from its support around $130-$129. They suggest a short trade opportunity on gold based on this breakdown, particularly in smaller time frames.

What strategy does the speaker recommend for trading BNB?

BNB has already tested its 4-hour EMA as support and broken out, now retesting the breakout level. The speaker recommends a long position when the price re-tests this support.

What are the potential support levels for Bitcoin?

The key support levels for Bitcoin are around $83,700 and $82,400. If these levels fail, the market may drop to the main support around $79,200-$80,000.

What type of trade does the speaker suggest around $83,700 for Bitcoin?

The speaker suggests a quick scalp trade if Bitcoin reaches the $83,700 support level. They do not recommend a swing trade at this price point.

What is the target price for Ethereum according to the speaker?

The speaker suggests a potential long position in Ethereum if the price reaches around $1,530-$1,540, believing it to be a good entry point for a scalp trade.

What altcoin does the speaker mention as being strong for a long trade?

The speaker highlights RE (an altcoin) as a strong token. They suggest entering a long position between the price range of $1.75 to $1.8.

What is the speaker's general approach to managing trades in the current market?

The speaker is focused on managing existing trades rather than entering new ones. They are shifting stop-loss orders to protect profits and recommend staying cautious, especially during volatile market periods like weekends.