Crypto markets have taken a hammering so far this week, and as markets slide further we’re noticing a few solid opportunities emerge. Pundi X (NPXS) is forming a shark pattern and is looking set to record some healthy gains in the next few days. Meanwhile, Bitcoin (BTC) is heading into a well-known bounce area. If BTC can stay true to form and find the right level of support, BTC could bounce back up to just shy of $11,000 before the weekend is out.
Pundi X Forming a Shark Pattern
NPXS is forming the fabled shark pattern, meaning we could be in for some bumper gains. Fortunately, we’ve managed to identify the pattern nice and early on, giving you the best chance to take full advantage of this next movement. If it carries on trend, the ideal buy zone is between $0.000422 and $0.00027. The lower you can get in the better and the better chance of recording nice and healthy returns.
If all goes to plan and the shark pattern holds true, we can expect to see NPXS head to around $0.00062 and $0.00095. Setting up stop losses is crucial to this trade being successful, and be prepared to hodl for the long term. This is a long-term shark pattern and we could see it reach its conclusion around this time next year.
Bitcoin About to Bounce Back
BTC is the one cryptocurrency that everyone keeps an eye on, and it’s not been faring too well this week. It suffered a few huge selloffs and eventually succumbed to market pressures, falling from its $11,000 perch. Last week we called a bearish golden cross forming, and it looks like this was good advice to follow. Now BTC has fallen, it’s desperately trying to find support to bounce back. $10,400 has traditionally been a level of high support, and buy walls are beginning to form there. If the bears can’t push through these huge buy walls, then we could see BTC bounce back and retest $11,000 with a view to move upwards to $12,000.
That being said, if BTC fails to find the support and the buy walls don’t hold, we could see BTC fall to as low as the bottom end of $10,000. If this is the case, BTC will likely continue sliding and head back down into the $9,000 region for a period of time.
What’s Next for Markets?
The next few hours are critical for BTC, with one whale deciding to place a huge sell order and you can wave goodbye to $10,000 for a few weeks. Alt/BTC pairings are looking like a good option right now as Bitcoin could potentially side further.
