Bitcoin Chart Patterns Suggest Sub-$80,000 Drop Possible, But Binance Coin (BNB), Aave (AAVE), Monero (XMR) and Virtual Assets Remain Strong

In the past week, Bitcoin’s attempts to recover have been met with resistance from bears, indicating that sellers are gaining control at higher levels. Although buyers have not ceded much ground, it is clear that bulls are holding on to their positions, anticipating a potential resurgence in the coming days.

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Technical Analysis

Short-Term Outlook

The short-term outlook for Bitcoin remains bearish, with bears controlling the narrative. The price action has been confined to a narrow range, with sellers pushing down on every attempt by buyers to break above $24,000.

Resistance: $25,000
Support: $23,500

Long-Term Outlook

The long-term outlook for Bitcoin remains bullish, with bulls anticipating a potential resurgence in the coming days. The price action has been trending upwards, with buyers pushing up on every attempt by sellers to break below $20,000.

Resistance: $26,000
Support: $22,500

Altcoins and Cryptocurrency Market Update

The altcoin market remains volatile, with some coins experiencing significant price swings. Monero (XMR) has been attempting to start a recovery but is facing stiff resistance at $203.

Monero (XMR): Attempting to recover from recent losses, but facing resistance at $203.
Virtuals Protocol (VIRTUAL): Resumed its uptrend after breaking out of overhead resistance at $3.33.

Cryptocurrency Trading Tips and Strategies

Trading cryptocurrency requires a deep understanding of market dynamics, technical analysis, and risk management strategies. Here are some tips and strategies to consider:

Stay informed: Stay up-to-date with the latest news and developments in the cryptocurrency market.
Use technical analysis: Use technical indicators such as moving averages, RSI, and Bollinger Bands to make informed trading decisions.
Manage risk: Manage risk by setting stop-loss orders and limiting position sizes.
Stay disciplined: Stay disciplined and avoid impulsive decisions based on emotions.

Conclusion

The cryptocurrency market remains volatile, with Bitcoin experiencing significant price swings in the past week. Although buyers have not ceded much ground, it is clear that bulls are holding on to their positions, anticipating a potential resurgence in the coming days. The altcoin market also remains volatile, with some coins experiencing significant price swings. By staying informed, using technical analysis, managing risk, and staying disciplined, traders can make informed trading decisions and capitalize on market opportunities.

Disclaimer

This article is for informational purposes only and should not be considered as investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.