$SUI $LTC $VIRTUAL 🎯 My BUY & SELL levels
Howdy everyone, welcome to today’s Altcoin Bible. As always, if you want to watch the full version of this episode where I dive in deeply on Bitcoin, have a look at MakerDAO and a few other charts, which I’m really finding interesting, and just give you a bit of a market update generally around how I’m seeing well, the fallout from what’s happened over the last 48 hours, then make sure to become a Newzilla subscriber and you can watch the full version of these episodes every single Wednesday.
All right, let’s crack in. So, Just real high level, real quick. We want to be super, super careful here right now with Bitcoin, even though it’s had the drive, we need to really look at the structure of the market. This has every chance of rallying back into support now turned resistance. So. We want to be very, very careful taking massive risk right now.
There are opportunities in the altcoin market for sure. There are opportunities in Bitcoin right now. It all depends on your time horizon and what your risk tolerance are. But just be careful about how important this support level was when we’re now on the other side of it. So running back in very bearish, you know, retest and then come over.
But if we recover that 92, 000 level rather quickly, then the market was going to be hot again. So that’s all I’m looking at there. Alternatively, the downside target is still there at 82, 000. So mid to lower 80s, I think it’s still on the menu unless we reclaim 92, 000. It’s very, very simple analysis, but that’s the best way to look at it in my view.
There’s a lot of air down here where we can just chop around for a while. But we will see how altcoins do. A lot of them are actually having. But again, if Bitcoin finds that resistance, altcoins are going to have a bit of a bad time again. So all I’m looking at right now is relative strength. And if we hop on over to Sui, it’s never far from my cherry ripe one to watch.
And even Danger Zone have had it in recent times as well. But Sui is just constantly showing strength against Bitcoin and during volatile times. And I really, really like this structure that SUI’s building. You know, it’s broken the downtrend through here. It’s been riding the downtrend three times down.
It’s found support on the 200. It’s recovering this very key horizontal support level. It may have just closed a whisker above it or on it. It doesn’t really matter. I want to see what this daily close does. And if it closes, you know, above this level, I really, really like it. And I think it’s a really strong platform for SUI to try and recover here.
But ultimately, I want to see it back above. This area here above the 10 above the 20 and this support level through here. I think that’s where we can get, you know, a little bit excited around SUI. And then ultimately the level is through here. We can close above the green and use it as resistance flip support about 3.
60. Then upside targets can definitely be on the agenda. We want to be careful overheads at 4 and 4. 81. They’re the type of areas I would look to be looking to take some profits in this region. So Suey versus Teller in terms of opportunities to buy and also danger zone, I’d be looking at anything down to 3 even, 97, maybe down to 2.
85 and then I’d be watching this level like an absolute hawk. If we get a daily close beneath you, that’s your danger zone and that’s where I’d be, you know, moving out. So, suey! It’s one of the better charts out there. In fact, it’s best in class in terms of the recovery in my view. There are other charts out there, which is based on relative performance.
So he’s always a go to Litecoin. Yeah. Relative strength matters. And we know the Litecoin ETF is coming, you know, relatively soon. So this has shown a lot of strength over time, but I’m not getting too. I’m gonna hype you around it until the chart tells me so. And I really want this to breach this overhead green zone.
Now in my longer session I do go into Litecoin Bitcoin chart because I think it’s probably a better chart to look at in terms of priority. What’s leading what. But this here is very interesting to me. And I’ll just zoom in. I think the green line there is just very obvious. We just want to have that.
Breakout of the downtrend. You can see here, blast through there, but also create a high, begin to use it as a resistance flip support. And then we know that the trend is being accepted above and it can move higher. Right here though, the hundred is being used as a nice little platform here.
Beautiful candle down then bought up. Just love to see that. Missed my buy by about. 20 cents. God, that sucks. But that’s okay. In terms of buy zones, however, I’d be looking at maybe a rejection here at 120 and then we can start to look in this area here down to about, you know, 113 at the 100 moving average.
Danger zone really needs to be that 100 moving average and it You know, just generally these the bodies of these wicks at the bottom. If we do close beneath and then we’re probably going down to the zones that I’ve been looking at there, it’s down to 100. And yeah, then we might have the bounce.
It might look more like that. Potentially, that’s why I’m thinking about, but no need to take very hard risk here at the moment. I think it’s a very clear overhead level. We can get very, very interested, like a breakout level in terms of. sort of the targets you can do. Oh, I’ve just noticed there as well.
The RSI, you know, break down from that pattern. It’s trying to recover the 50 want to get back up above that as well. But targets, I’ve just done a Fibonacci extension from the low to the high, dragged it all the way back and back. Let me just show you how to do that. So now some of you interested low to the high, drag that down.
So I’m really trying to forecast out, you know, where might this go? And on here, one 65 is probably the first level you want to be looking at one 88. 99. So 200 psychological level, even then you can look at 215 and maybe a little bit higher. Really that’s in line with the previous peaks that we’ve got over here.
I’d be looking at these, but you can see that the volume is really structured just around that. 170 to 200 level. That’s where I’d expect us to maybe ram straight up into 200, then oscillate between, you know, 170, 200 back to 150 until maybe we have continuation higher. But I think those are really valid targets for Litecoin.
And here, as long as the trend is really strong and we’re holding this structure, then, you know, buying the dips here is probably a decent idea in my view. And then and then we ride up higher. All right. Now danger zone, want to keep this super simple because again, this kind of goes back to my Bitcoin Bitcoin talks at the start that we want to be very cautious about getting bullish in assets that have running back into resistance.
It’s a bit of a trap and that’s, you know, bearish retest. We don’t want to fall into the, I guess the trade of pitfall where we’re getting bullish on green candles, but not really observing the overall structure of what’s going on. So virtuals here, you know, very popular crypto, but just lower highs all the way down aggressive downtrend.
And while I love seeing a good old falling wedge. It’s a bit of a tease because it can do this. You can get a really beautiful bullish divergency. Momentum is getting higher lows while price action is oscillating, getting lower, it’s compressing, and you think it’s going to do exactly what the squiggles doing.
You can start to believe it. It’s a narrative and it’s a good forecasting tool as in you can go, okay, this is what on a breakout to the upside. This is what I expected to do, but it hasn’t done it yet. Right now, it’s still in an aggressive downtrend for mine. This can break some hearts and it’s running into not only the pattern overhead, the downtrend, but also the 10.
The 20 and point of control volume. That is a really big task for it to break. That said, if I can do what my squiggles done, break out and then come back down and retest it, use the resistance as now support, then that’s really bullish in my view, that’s a really great chart set up. And then we can maybe look at a new trend right here.
There’s every risk that we’re running into resistance and coming down and we can. Find that lower point where everyone capitulates, like everyone right now will be going FOMO long, seeing this and going, yes, let’s grab in 10x, you know, let’s, let’s go, let’s leverage long this when we could see another washout.
And then no one wants to buy down here, but that’s where you want to get interested about, you know, 75 cents. I can see that happening if Bitcoin goes down to lower 80, Just want to be very cautious and not move too hard on some of these things too, too quickly. All right guys, hope you’ve enjoyed this quick episode and we’ll catch you again soon.
Bye.
