Bitcoin's Bull Market Support Band Still Intact, But Analyst Highlights Altcoin Opportunities During This Correction

Bitcoin has been experiencing a significant correction, but VirtualBacon assistants that there's no need to panic. Despite the drop, Bitcoin is still holding above the critical Bull Market Support Band, a key indicator for continued upward momentum.

Bitcoin has seen a sharp drop from its record highs, prompting burns from some traders. However, popular crypto analyst VirtualBacon says there is no need to panic.

Bitcoin remains above the key bull market support band, an important signal that upward momentum continues. This suggests that the current decline is likely part of a sequence leading up to the next uptrend.

Baking details what this dip means for Bitcoin and how altcoins offer excellent opportunities for buyers during this dip.

Bitcoin's bull market support band is still alive

This analyst emphasizes the importance of bull market support bands. The band is currently between $61,000 and $62,500 on the weekly chart. This zone is essential for Bitcoin's sustained bullish trend.

As long as Bitcoin remains above $58,000, this decline is a natural and healthy move towards the next uptrend, says Baking. A weekly close above $58,000 would reinforce the idea that this is only a temporary dip.

However, a break below this level would suggest a more cautious approach and may require a rethink of the overall strategy.

Major buying zones

This analyst identifies two major buy zones for Bitcoin during this decline. One is $62,500 and the other ranges from $58,800 to $60,000. These levels coincide with the 200-day EMA, which has been a key support line for Bitcoin for the past few months.

Baking states that patience is key. Wait for Bitcoin to close above $63,000 for the second week in a row to confirm a strong rebound. This could put Bitcoin into a new uptrend and push the price above $66,000.

Where are the opportunities

Besides Bitcoin, the performance of altcoins has also been noticed during this decline. This analyst categorizes his altcoin portfolio into five sectors. They are AI, gaming, meme coin, real-world assets (RWA), and Layer 1 projects.

Some major altcoin picks by baking include Fetch.ai, SuperVerse, and Fantom.

AI Coin: The analyst says AI-based projects like Fetch.ai and SingularityNET have shown resilience during the dip and are worth considering. They are being cited as candidates to bounce back quickly from this decline.

Gaming Coins: Coins like SuperVerse have outperformed the market despite this drop. Baking recommends buying between $0.78 and $0.92 with a stop loss at $0.58.

meme coin: meme coin is known for its volatility, but coins such as Shiba Inu and Doge have remained robust. This analyst further recommends focusing on altcoins with established names for potential gains during this period.

Macroeconomic factors and noteworthy points

Baking recommends monitoring macroeconomic factors. Especially with the September employment report, a high unemployment rate (above 4.5%) could have a negative impact on Bitcoin price.

The analyst is optimistic despite the current burnout, but stresses that it is important for Bitcoin to maintain support at $58,000 and avoid a bearish trend. Investors are calm, indicating that Bitcoin is still in an uptrend and that there are potential opportunities in altcoins for those buying on the dips. His main message is to be patient, track key levels and take a strategic approach during this decline.

The above is the detailed content of Bitcoin's Bull Market Support Band Still Intact, But Analyst Highlights Altcoin Opportunities During This Correction. For more information, please follow other related articles on the PHP Chinese website!