BTC ranging, good time to buy altcoins

28 янв. 2023 г.

BTC has been ranging in the 22k4-23k3 box for a week now. In the 1H timeframe, BTCUSD is also creating a triangle pattern. Some traders might be comfortable trading the range, but that is not always safe because we have seen many candles poke through the box and then come back. The best option here is to wait for a confirmed breakout of any direction before considering entering a trade.
Next week, FED will announce the interest rate. This news will affect every financial market and might trigger a long waited correction wave.

With BTC continuing its sideway and BTC Dominance showing signs of correction, this is a good time to buy altcoins. Some altcoins are testing their November resistance. Those are the coins that need to keep an eye on. Wait for BTC correction then buy your favorite coins is one good strategy.

The volume might lower over the weekend, next week, we will publish charts of potential altcoins for your preferences. Stay tuned.
Like always, remember to trade at your own risk and never risk more than you can afford to lose.