According to CrypNuevo, the W pattern for Bitcoin has played out, allowing for futures trading with easy invalidation below the lows. However, it is premature to assert a bullish momentum since Bitcoin remains below the main resistance level of $91.5k and is experiencing choppy consolidation between the 1D50EMA and 1W50EMA. This suggests caution as the market lacks clear bullish signals above these critical resistance levels.

According to CrypNuevo, Bitcoin is currently experiencing compression between the 1-week 50 EMA and the 1-day 50 EMA, which historically precedes an aggressive market move. The pattern suggests potential for multiple retests of the bull market support before a decisive movement occurs.

According to CrypNuevo, Bitcoin has shown a strong reaction from the 1W50EMA, marking it as a potential buy zone and possible bottom for the current correction phase. The critical price level to watch is $91.5k, which represents the previous range lows. Flipping this level would signal a positive trend reversal. Additionally, a revisit to the $82k-$81k range is anticipated but not necessary for recovery.

According to CrypNuevo, the bull market structure remains intact in high time-frame analysis. The market has successfully retested the 1W50EMA, a key support level in previous cycles. The bounce off this level suggests stability, provided the $77k mark holds.

According to CrypNuevo, Bitcoin ($BTC) demonstrated a significant reaction upon touching the 1-week 50 EMA, identified as the strongest bull market support. This event underscores the importance of the 1W50EMA level in trading strategies, as highlighted by CrypNuevo on Twitter.

According to CrypNuevo, the 1W50EMA is historically the best indicator for Bitcoin's bull and bear market support and resistance levels. It is currently valued at $76.2k, suggesting a critical level for traders to watch for potential changes in market dynamics.

According to CrypNuevo, the next monthly candle for Bitcoin is expected to make a new low. It is highly probable that March's candle will sweep the lows made in February's candle. This movement could completely fill the CME gap and potentially retest the 1W50EMA, from which a bounce might occur. This analysis highlights key trading levels and potential market movements for traders to consider.

According to CrypNuevo, altcoins are currently showing resilience against today's market drop. The analyst expects these cryptocurrencies to surge quickly once Bitcoin stabilizes or experiences a relief rally. CrypNuevo indicates concern only if Bitcoin loses the 1W50EMA, but otherwise views the current situation as a bullish market correction, presenting a strategic buying opportunity during dips. Source: CrypNuevo.