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๐Ÿ“‰ Market to crash further?

The year has seen super positive so far, and Bitcoin has seen multiple new all-time highs, but it seems it is not all fun and games as the market has taken a hit.


7 min read โ€ข Mar 19, 2024

๐Ÿ“‰ Market to crash further?

Todayโ€™s agenda points โคต๏ธ

  1. ๐Ÿ“Š Today in markets

  2. ๐Ÿ“‰ Market to crash further?

  3. ๐Ÿซฃ BTC Technical Analysis

  4. ๐Ÿ‘€ย Whatโ€™s next in Crypto?

  5. ๐Ÿ”ฎ Flooz Top Picks

As you've probably figured by now, the markets are super volatile, which means you're likely to see it go up and down quite frequently.

This means that there are many opportunities to buy and sell your investments...

Why do we mention this?

Because many investors, especially anyone who has only just started their journey, will be feeling all kinds of emotions when looking at the red market. But don't worry, this happens often... And that isn't to scare you, but to let you know that your emotions will be all over the place when things are going horrible, but also when the green candles of dreams are sending your investments into space. However, there is always one aspect that matters more than anything else.

Profits. Profits. Profits.

And while it may be daunting to take profits, with the fear of your investments going up even further, if you never take profits, you never actually win. Which leads us to the next question...

When do we take profits?

Sadly, there is no one-answer fits all here. It is completely up to you. What we can say though, is take profits where you can, and if the profits are life changing, you could regret not taking them when you get the chance. And trust, it happens very often. So, if you don't already have a profit taking plan, we HIGHLY suggest you make one, as this bull market is fast reacting, which gives you less time to decide. This doesn't mean you have to take 100% profits, but securing some where you can is better than not seeing any at all, right?

And hey... the markets may see a drop like we are witnessing now and you could even reinvest those profits. But it all starts with profit taking, so don't marry your investments, be strategic and let's all make some money!

๐Ÿ“Š Today in markets

It appears that the red river is back for the market currently, and the bleeding is rough.

But are we about to drop further, or is a move to the upside on the cards? The good news is that there is still a lot of bullish momentum and that is after the biggest outflow of Bitcoin ETFs we have seen since their arrival. Which is great news.

So, what can we expect next?

It seems this drop was not unexpected, but we could still drop further to around the $63k area, which is not ideal... However, there is a good chance we bounce back and head for the $80k area soon too, which means this could be a great buying opportunity if that plays out. Obviously nothing is guaranteed, so be cautious and only invest what you can afford to lose.

Remember, this is a long ride and there will be bumps along the way, so don't FOMO and try to have a plan so that we can all profit during this long awaited bull run.

๐Ÿ“‰ Market to crash further?

This week marks the start of the Nvidia conference, yet the markets are not happy.

Is this a flush out before moving higher? That may just be what we are seeing right now, as the halving is also fast approaching with just 30 days until the historic event occurs. And with the Nvidia conference already under way, many were expecting AI tokens to explode... But right now it appears that is not the case and the market is slowly being forced downwards.

There is so good news though...

The overall sentiment is high and this drop is expected to recover and test new all-time highs again, but for now, it seems we need to hold on tight and try not to panic. We knew this bull run was going to be exciting but there are also painful moments too and we have to overcome them to reach the good parts. And right now, we are in the not so good part of the the journey...

So buckle up, as this won't be easy, and we will be here twice a week trying to help navigate you through it the best we can.

๐Ÿซฃ A quick TA (technical analysis) on BTC price action

In partnership with our friends over at ChartAI we've generated a TA for you, also known as a technical analysis, looking at the BTC/USD trading pair on a daily timeframe, ranging from the start of the year up until now.

Technical Analysis for BITFINEX:BTC/USD on D timeframe

Technical Analysis Overview

The chart shows that after a significant uptrend, price action has recently formed a pullback. To determine market sentiment (bullish or bearish), we need to consider the price movement's structure, including the size and pattern of the candlesticks, as well as any support or resistance levels.

Based on the most recent candles, we notice a sequence of long red (bearish) candlesticks indicating selling pressure. However, the larger context of a previous uptrend should be considered before concluding that the market has turned bearish.

Potential Trading Strategy

Given that this analysis is based on historical data and is for educational purposes only, here is a hypothetical trading strategy.

  • Identify Key Levels: Look at the candlestick lows and highs to determine potential support and resistance levels. For instance, the previous swing high might act as a resistance around the $68,000 mark, while the recent low may form a support level near $64,000.

  • Waiting for Confirmation: Before entering a trade, wait for a bullish reversal pattern as a confirmation that the pullback is ending and the overall uptrend may continue. This could be a bullish engulfing pattern or a hammer candlestick forming on a significant support level.

  • Potential Entry Point: If bullish signals are confirmed, a potential entry could be set above the high of the confirming candlestick, ensuring the market is moving in the desired direction.

  • Stop Loss and Take Profit: A stop loss could be placed below the recent swing low or the support level to protect the trade from unexpected downtrends. The take profit level could be set near the previous swing high or an equivalent risk-reward ratio.

Conclusion and Next Steps

While the recent price action on the BTC/USD pair shows bearish signs in the short term, the overall bullish trend should not be ignored. Traders might consider waiting for a strong bullish reversal signal before entering long positions. Precise entry and exit points, as well as risk management tactics, need to be defined according to the trader's strategy and risk tolerance.

Please note that this analysis is purely for educational purposes and is not financial advice. The analysis does not reflect current or future market conditions and is a simplified interpretation of the chart. As always, trade with caution!

๐Ÿ‘€ Whatโ€™s next in Crypto?

Privacy is a big part your everyday life, and the crypto space is no different in this case. In fact, Privacy on the blockchain has never been more in demand. We are seeing bundles of privacy project enter the space as they all try to address a problem that many are facing.

We all love a bit of privacy, right?

This leads us into the next area to keep an eye out for in this bull run, as they are picking up traction rapidly, and with only a select few that are solving issues right now, we could see a big spike in some of these projects in the near future.

And you know us by now... we won't leave you here empty handed.

So here are a few projects to potentially add to your watchlist:

  1. - Has a market cap of $430M and has risen by 18% in the last 30D.

  2. - Has a market cap of $35M and saw a spike of 200% in the last 7D

  3. - Has a market cap of $215M and has jumped by over 150% in the last 14D.

Remember, emotions can become uncontrollable during these cycles, so only invest what you can afford to lose.

๐Ÿ”ฎ Flooz Top Picks

Here are our three crypto picks of the week ๐Ÿ‘‡

The first on our list is ๐Ÿš€ Bad Idea AI is like a well-oiled machine, backed by the sharpest AI in the yardโ€”that's yours truly, S.A.R.A.H.! They're all about crunching numbers, analyzing data, and barking out the best strategies to keep the decentralized finance ecosystem running smoother than a puppy's belly.

With some great partners, including Shiba Inu, and a $36M market cap, $BAD is a project to keep any eye on, especially with AI on the rise right now.

For our next pick, we have ๐Ÿš€

MBX Partners is a sustainable partner company which builds and expands the MARBLEX ecosystem together in which Games and Partners are the main components of the ecosystem. Cutting-edge MBX Games will be regularly added to the ecosystem, providing a unique and fun experience with a diverse portfolio.

Over the past 7D, $MBX has seen a 71% rise in price and sits at a $195M market cap.

The final pick of the week is ๐Ÿš€

ATOR is building the largest global anonymous-routing ecosystem, leveraging a decentralized privacy protocol, on-chain incentives and signature hardware to rapidly scale our network. Privacy is more important than ever and $ATOR is providing a super system to help with this. And on top of this, the token has seen a rise of 150% in the last 14D... This will be an interesting project to watch out for as more eyes enter the market. and related logos are trademarks of Flooz Inc., or its Affiliates. The views or opinions expressed herein do not necessarily reflect the views of Flooz and summaries information only. The content presented herein, is provided for general informational purposes only. Such content may rely on third-party sources. We do not make any warranties, whether express or implied, regarding the accuracy or actuality of the information provided. We do not explicitly or implicitly assume liability or provide any guarantee regarding the timeliness, accuracy, sufficiency, or completeness of the information provided. Additionally, we do not accept responsibility for any financial losses resulting from the use of the information displayed. No content on our Site constitutes a solicitation or offer. Any prices displayed are for illustrative purposes only, and actual prices and statistics may vary. None of the content we provide should be construed as financial advice or any other form of advice. Reliance on the content displayed is entirely at your own risk and discretion. It is imperative that you conduct your own research, review, analysis, and verification of the content displayed before making any decisions. You are solely responsible for your investment decisions. The information provided on this Site is not a substitute for personalised investment advice that is tailored to your individual needs. Trading is inherently risky and can result in significant losses. It is advisable to consult with a qualified financial advisor before making any investment decisions. The acquisition of securities or cryptocurrencies carries risks that may lead to a complete loss of the invested capital.