Market Update: Bearish Conditions Persist, but Stability NotedCurrent Market Sentiment:
The market remains below key horizontal resistance levels and trendlines, continuing to show bearish behavior.
Despite the negative sentiment, the recent sell-off found support around the $850B level, suggesting there is buying interest or at least some stability at this critical support zone.
Altcoin Focus:
For altcoins, the next significant shift will come if price action breaks above the 50-day and 100-day moving averages.
These moving averages serve as dynamic resistance, and a clean break above them would indicate strengthening bullish momentum and potential for further upside.
Caution Ahead:
Until we see a clear break of the moving averages and key resistance levels, a cautious stance is warranted. Traders should watch for signs of continued consolidation or a break to the downside if support does not hold.
Key Takeaways:
Support at $850B remains critical.
Breakout signals for altcoins lie in a move above the 50-day and 100-day moving averages.
Caution is advised until price action confirms a bullish shift.
