Bitcoin Halving Completion: What is the next plan?

Apr 2024

Table of Contents

GM Coinwirers,

As we are aware, the Bitcoin Halving was successfully completed at block 840,000 on April 20. Many anticipated a “sell the news” event post-halving, but contrary to expectations, the market has rebounded and resumed its bullish trendline.

Join us as we delve into the current market situation in this newsletter series, exploring past predictions, the present market conditions, and our plans moving forward.

Market Overview

Our recent analysis indicated an expected decline in BTC due to a descending channel with lower highs and lows, with a trigger condition for a decline towards 52k not being met. The price action on April 19th likely represented a stophunt phase, where BTC exited the channel briefly before retesting previous lows and resuming an upward trend.

On April 20th, BTC showed a series of lower lows within a compression downmove, suggesting a potential return to the Support and Resistance (SnR) zone and breakout from the descending channel. The weak momentum in the descending channel indicates a lack of enthusiasm from sellers, with expectations of forming higher highs above the 65.5k mark from April 19th.

BTC Plan for this week:

Recent analysis has been validated with BTC rejecting lower price ranges and forming a short-term reversal trend.
The short-term trend is expected to continue rising towards 68,000.
BTC remains within a larger trading range of 60,000 to 68,000.
Current buy zone: 62,500-63,000.
Current sell zone: 68,000-69,500.
Traders should monitor price reactions in these zones for potential entry opportunities.

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Altcoin Overview

Today’s overview of Altcoins reveals a positive trend following recent developments. As forecasted in last week’s newsletters, Altcoins have successfully broken out of a downward channel, confirming a growth trajectory. Notably, Altcoins have surpassed the nearest resistance zone at 1.056B, indicating a sustained uptrend in the short term. This breakthrough suggests a favorable outlook for Altcoins, with expectations of continued upward movement.

Altcoins have demonstrated positive momentum following recent analysis:

Last week’s forecast of Altcoins breaking out of the downward channel and establishing a growth trend has been realized.
Altcoins have surpassed the nearest resistance zone at 1.056B, indicating a sustained short-term uptrend.
The lower support zone for Altcoins is expected to be between 1.027B – 1.041B. Holding this support level could pave the way for further advancement towards the 1.12B area.
Overall, many Altcoins have experienced recovery ranging from 10-40% this week. Certain meme coins are showing stronger recovery rates, offering potential profit opportunities during retests.

The outlook remains positive for Altcoins, with continued upward movement expected, especially if key support levels are maintained and resistance zones are breached.