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Analysis | Trading | Videos

UseTheBitcoin Market Update (BTC, ETH, & TON) | May 7th, 2024

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update



In this article, let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on Bitcoin (BTC), Ethereum (ETH), and Toncoin (TON).

Bitcoin (BTC)

Given the current market volatility, Bitcoin’s (BTC) price in the coming days could unfold in two ways:

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Firstly, Bitcoin’s recent price dip might be a buying opportunity around $62,000, $61,000, and even $60,000. However, it’s important to note that Bitcoin is trading below its 50-day moving average, suggesting a potential downward trend. Considering this, you can place your stop-loss at around $58,500. This strategy is for long-term investors who believe in Bitcoin’s future growth potential.

On the other hand, if Bitcoin continues to rally, the best approach would be to wait for a clear break above resistance levels and form a strong support level, ideally around $65,000. In this scenario, your entry point would be at $65,000, with a stop-loss set at $62,000. This strategy also aligns with a long-term view, aiming to capitalize on a potential bull run in the crypto markets.

Ethereum (ETH)

Ethereum’s (ETH) current market behavior suggests two investment approaches.

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If Ethereum keeps dropping and stays below its 100-day moving average, there could be a chance to buy ETH at around $3,060, $3,020, and $2,970.

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On the flip side, if Ethereum rallies and breaks above resistance levels, a good strategy would be to wait for a strong support zone to form, ideally between $3,200 and $3,300. You could enter within this range, somewhere between $3,100 and $3,300. To manage risk, set your stop-loss at around $2,935.

Toncoin (TON)

Toncoin’s (TON) price is currently trading above its 20-day and 50-day moving averages, indicating a bullish trend. This positive momentum suggests a strong support level could be forming, potentially pushing prices higher. 

However, there are also potential profit-taking opportunities at the $6.55 and $7.24 price areas, which are previous all-time highs for TON. Investors may sell their holdings if the price reaches these levels, causing a price dip. Therefore, you might consider taking some profits at these points.

Final Thoughts

For more in-depth technical analysis like this one, make sure to subscribe and hit the notification bell on UseTheBitcoin’s YouTube channel. We post daily videos covering the crypto markets, so don’t miss out!