Currently, Bitcoin is up by 4% and many altcoins are printing gains. According to the analyst of The Sniper Trading Show, this suggests that when the market is in a state of extreme fear, it can be a good time to take on risk. To maximize gains, he recommends categorizing tokens into low, medium, high, and very high risk. As the market rises, gradually sell off the riskier assets and consolidate into safer ones like Bitcoin, Solana, or Ethereum.
He also warned of potential profit-taking on altcoins if they fail to breach these levels in the next few weeks, while advising a cautious approach with Bitcoin. As the market reaches its peak, it’s crucial to shift from a broad portfolio of altcoins to a more concentrated portfolio of safer assets. The Stochastic RSI does not provide a specific price point for selling but rather a sentiment-based signal indicating when the market is overbought.
He also discussed Ethereum’s strength, noting its reclaiming of a key trendline and moving average. Bitcoin dominance is also a key indicator, with shifts suggesting when to move between Bitcoin and altcoins.
The analyst discussed the potential in trading altcoins such as ADA, FTM, AVAX, and LINK, pointing out specific price levels. Talking about projects like Injective and Cardano as primary targets, he said that there are chances of them breaking through current resistance levels.
He then opened up about the expectations for significant gains, noting targets like Fantom returning to the 60-70 cents range and Solana holding strong, possibly reaching all-time highs first. He also discussed AVAX approaching critical areas.
What About Bitcoin?
The analyst started by analyzing Bitcoin’s short-term outlook, noting a recent trend break and a strong resistance around 64,000. The analyst outlined two scenarios: a potential pullback to support zones near $59,000 to $60,000, including significant Fibonacci levels. He anticipated a possible rally towards $66,000 to $68,000, looking for signs of bullish momentum, like an inverse Head and Shoulders pattern.
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