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Trade Theory Analysis 3/28
Trade Ideas & Technical Chart Analysis
BTC- Sideways Sideways Sideways: Bitcoin has been moving sideways within a trading range of 7800-8100 the past few days. We still remain bearish as the overall trend is down. Price is still currently trading below the 8k resistance level. Traders should watch for a possible bounce over 8k for a retrace back to the 8200-8450 levels. We will be monitoring BTC closely to see if it gains enough momentum to break upward beyond 8k again.
Altcoins: Most altcoins are still heavily correlated to bitcoin, making a bearish bitcoin bad for the altcoin market. We should have enough time to ride our current altcoin positions for a little while longer, especially if we continue this sideways bitcoin/bounce the rest of the week.
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