Bitcoin (BTC) $59,001 It’s not a good start to the week for and of course this is reflected in altcoins. If volatility is high, new opportunities may arise in altcoins. The way to turn a decline into an opportunity is to examine the current key levels and the experts’ perspective on the volatility. Now let’s look at the current key levels for SOL, CHZ and CEEK Coin. Let’s also take a look at QCP Analysts’ predictions.
To the left (LEFT)
The $120 level was a good entry point for short-term investors, and they took the opportunity to sell at $138. However, the losses experienced by the BTC price SOL Coin sending its price back to where it started. The altcoin is at $130 at the time of writing and any further losses could lead to a test of the $111 support.
CHZ Coin
CHZ Coin, which continues to linger at the bottom, has failed to break the $0.054 barrier. $0.048 could be tested amid the ongoing general market weakness. A new test for BTC at $53,000 will bring a return to local support in altcoins. The safe zone for CHZ Coin investors is the parallel channel support at $0.059.
CEEK Coin
For months CEEK Coin We were talking about testing new ATL levels for two reasons. That’s what we saw. The interest in the metaverse has faded and big companies don’t care enough about it anymore. The second important reason is that the CEEK Coin community has taken a stand against the administration for using a stablecoin instead of a native coin in the metaverse land sale.
So what’s the bottom line? CEEK Coin could see a new all-time low (for OKX) at $0.0283 and below $0.0253.
QCP Analysts Comments
Alright crypto money What is the situation in the markets in general? QCP analysts wrote that the failure to reach $61,000 over the weekend before the market open may have been effective in the decline. We saw liquidations of over $70 million before the Asian open. We mentioned that the figures fell due to investors acting much more cautiously after excessive liquidations in futures.
For example, at $60,000 there is $1 billion in liquidation potential and the price is 10 percent below the target point. BTC When it reaches this level, $50 million is liquidated. Why? Because investors are much more cautious and are now creating short-term strategies by thinking more about stop levels and position feeds. Therefore, the $70 million figure should be considered at least a few times higher than it actually should be.
QCP Capital analysts confirm that you will have an eventful week due to the Token2049 event and the FOMC and say the following;
“As we approach the first Fed rate cut of this cycle, market tensions are building, amplifying the impact of unexpected macro data. The probability of a 50 basis point cut has increased to 59%, up from 30% last Monday. This is also reflected in increased volatility, with implied volatility rising by 8 for BTC and 20 for ETH on Friday.”
Still, analysts remain optimistic about the final quarter.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
