The story of the day in these volatile crypto markets is one of pressure on BTC and ETH. A trader with cryptomannn sees room for corrections that may present some opportunities, yet counsels a degree of caution and patience before acting.
Key Levels for BTC and ETH: Trader’s Entry Points
On the latest episode of the show, the host pointed out that this strain on the two major coins has left many traders in wait-and-see mode as they look to get back in. Bitcoin in particular is being squeezed by its weekly and monthly openings, so any early entry would be unwise. The better course of action is to hold off on new long positions until BTC comes down to $80,000. As for shorts, they have lost their appeal since most of the downside is already behind us.
Then there is Ethereum, which is in the midst of a correction and holding at about $2,500. While the host indicated that could be a level to act on, it is only if the correction offers a clean way in. For now, the word is not to be hasty with trades and to let more advantageous entry points develop first.
Altcoin Outlook: Meteoro, GTO, and EtherFi Developments
The cryptomannn trader was also in conversation about a number of altcoins, not just the big names. There is much to like about Meteoro (METEORO) given the uptick in its transaction volume; should a correction present itself as an opening, it has the makings of a solid performer. That said, one has to be patient and the trader is content to wait for a pullback before making a move.
Then there is GTO (GTO). It is still in the red, yet the intention is to keep the position on hand until some fresh hype comes along, provided the 0.46 mark is not put in jeopardy. On the Ethereum side, the new stablecoin from EtherFi (ETHFI) ought to do numbers for the market and drive up activity.
Market Context and Caution: News Sensitivity and Gold Strategy
In a recent note, the host of cryptomannn has put his followers on notice that the market’s upturn of late might be more than it seems. He is advising them to be watchful of any volatility the news may bring.
Given how prone the market is to abrupt moves, the trader counsels a measured hand in the management of positions and the use of alerts. On another front, he is mulling over a play in gold, seeing some promise in the metal under these fragile conditions. The plan for now is to hold back from anything rash and let corrections run their course in various assets; after all, with BTC and ETH under duress, there are likely to be better openings down the road.
This article reflects the channel author’s opinion and is not investment advice.
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Source — сryptomannn: https://www.youtube.com/watch?v=zVZZj-33d5A
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