Bitcoin Crashing, Buy The Dip? | Technical Analysis w/ Evan Aldo
The crypto market has been experiencing a mix of ups and downs, with Bitcoin's having countdown just three days away. According to analyst Evan Aldo, the market may see more sideways action in the short term, with Bitcoin potentially facing a 30% correction down to around $50,000 in the coming months. This would align with the higher high anchor wave pattern on the weekly chart, which Aldo believes could trigger a rally later in the year.
Ethereum is also expected to face some weakness against Bitcoin, potentially dropping another 10-15% before forming a bullish divergence around June or July. This could present a good opportunity to convert some Bitcoin to Ethereum. Aldo notes that many altcoins may experience a period of consolidation and capitulation in the next few months, with some potentially bottoming out sooner than others.
One altcoin that Aldo is keeping a close eye on is Uniswap (UNI). He believes the recent enforcement action against Uniswap could ultimately be a positive for the decentralized exchange, as it may lead to a more flexible interpretation of what constitutes an exchange. Aldo suggests that the current consolidation phase could be a good time to DCA into Uniswap, as he expects the token to break out and reach new highs later in the year.
Solana (SOL) and Avalanche (AVAX) are two other altcoins that Aldo is analyzing. He believes both tokens could see further downside, potentially reaching the $100-$84 range for Solana and $25-$21 for Avalanche, before recovering and making new all-time highs in the future. Aldo emphasizes the importance of patience and a DCA strategy when navigating the current market conditions.
In the case of Filecoin (FIL), Aldo is more cautious, as the token has experienced a nearly 99% correction from its all-time high. While the $6-$7 range may be an ideal buy zone, Aldo advises caution, as Filecoin may struggle to outperform Bitcoin in the current market. Overall, Aldo's analysis suggests that a selective and patient approach may be the best strategy for navigating the crypto market in the coming months.
Guest: Evan Aldo Evan Aldo Youtube Channel ➜ https://bit.ly/EvanAldo 20% off Evan Aldo Course ➜ https://bit.ly/EvanCourse ➜ Use code "paulbarron"
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