This year started with a beautiful bullish price action from the crypto markets. However, the current bearish movement is already causing many investors and traders to panic is interesting.
Top 3 crypto coins to buy in 2023
Information is not investment advice
The crypto space has seen considerable movement since the beginning of 2023, creating what some analysts call a "crypto bull run." Even though most crypto coins eligible for a massive 'bull-run' are typical 'meme coins,' there may still be some exciting opportunities for mainstream traders to seize.
After the price initially broke above the highlighted highs, we see the price making its first major retracement towards the area of retest (previous demand zone before the breakout). Even though fundamentally speaking, BTCUSD can be expected to go bearish since we can see price dropping despite an increase in mining difficulty. In simpler terms, BTCUSD's value is dropping even though it is becoming much harder to mine. Should this bearish move be sustained, we may see BTCUSD prices hit the $18k price area.
For my bullish trade, the 50 and 100-period moving averages aligning with the rally-base-rally demand zone is my mjor confluence.
ETHUSD, like Bitcoin, is under the same pressure due to the rumor of the SEC's intending ban on staking providers. Ether has dropped about 0.5% in the last 24 hours and may drop even more. The gloomy prediction from the technical point of view is that we are yet to see ETHUSD in a tangible area of demand or support. Considering the confluence of the trendline support, rally-base-rally demand, and the moving averages, it is safe to expect prices to hit the $1400 area before possibly resuming bullish.
The technical analysis of the LTCUSD chart above presents a confluence of the rally-base-drop demand zone, the 200-period moving average, and the trendline support as indicators of a possible bullish movement from the $87-$90 range. The direction seems clear. However, we must not forget to manage our risk properly.
ETHNZD is another clear setup from a technical point of view. There is trendline support, turnkey level, and moving average confluence, indicating a possible bullish move from the marked-out rectangle.
As for meme coins worth buying this 2023, my biggest advice would be to invest in coins that have a relationship with the ongoing AI trend. It means you want to consider investing mostly in coins whose utility is directly or indirectly linked to AI products or services.
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
Following the September 2021 cryptocurrency ban by the Chinese government, it was gathered that some economists urged the government to reconsider crypto trading and mining favorably. One such person is Huang Yiping, an economics professor and former adviser to the Chinese Central Bank. We are now beginning to see a more lenient approach toward crypto investors in Asia, leading to what many are tagging as the next bull run. The question remains, is the Chinese crypto narrative bullish for mainstream cryptos?
Recently, on the 16th of January, 2023, Thailand Securities Exchange Commission issued fresh rules in its continued efforts to protect investors' assets and build confidence in the crypto space. This comes right after Bitcoin surged above $20k, however, the question to ask is; will this be enough to kickstart a full recovery for crypto coins?
In today's article, we will be performing an interesting analytical experiment - Correlation! To start, I have chosen a few indices that we will be observing. It's just like we're analyzing...
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...