CandleFocus Trader highlights key levels to build positions for the 'upcoming bull run'
2024-10-16
Author: Content Editor
Bitcoin (BTC) has broken out of a seven-month downtrend, suggesting that the 2024 crypto bull market is back. A trader, M3zee, has highlighted key chart levels to watch when building altcoin positions for the upcoming bull run. M3zee recommends splitting deployable capital into three shares and making three entries based on the Bitcoin Dominance (BTC.D) index chart. The first entry point is when BTC.D closes above the weekly downtrend, the second entry point is at the resistance level of 64.7% or when the upward pattern breaks, and the third entry point is after a retest of the broken area. The trader suggests exiting positions when BTC.D touches the ascending weekly trend line. The market behavior described by the trader is typical during altseasons, where Bitcoin traders swap their gains into altcoins with higher growth potential. Technical indicators support the idea of an upcoming altseason, while expert Toby Cunningham warns that the breakout movement could come as a surprise.
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