As you know, crypto took an immediate dive after the escalation between Iran and Israel last weekend. Bitcoin (BTC) dropped right to its previous low of $62,000, a support level that has been tested many times over the last few weeks.

While BTC did temporarily dip below that support to beneath $60,000, it has since recovered. Was that the bottom? Can we expect support to hold? I’ll be answering those questions and more in this issue.

I want to jump right into today’s edition by taking a look at Bitcoin’s chart:

We can see the dip to $62,000 that took place immediately after Saturday’s news. For now, Bitcoin appears to have held that support level. Only time will tell if it will continue to hold, but we can try to find other areas of support and resistance.

If BTC does continue to dip and break below the current support level, its next likely destination is the 100-day moving average. That 100-day moving average is currently sitting at around the $57,000 mark. That would track to about a 22% total correction from the March highs. I believe that level would offer significant support, and I would be surprised if BTC dipped further than that.

Conversely, Bitcoin could bottom out near current levels and start its recovery soon. What we want to see in the short term is BTC reclaiming the $65,000 level. That will go a long way towards building some breathing room between the trading price and the main support level.

The key is to remain patient; this is our first correction in many months. We can’t expect an immediate recovery and a run to new highs. Besides, there are other things to do right now.

That’s because while Bitcoin hasn’t hit a 30% correction yet, we are seeing 30%+ corrections all over the altcoin markets.

Take a look at the following price chart for Ethereum (ETH), which dipped to a 30% correction over the weekend. That means ETH is trading at a nice discount right now and is an attractive buy:

ETH looks as though it is trying to form support around its 100-day moving average. As is the case with Bitcoin, it is still too early to tell whether or not ETH’s support level will hold. However, the downside from here is limited for the second-largest cryptocurrency by market cap.

The worst-case scenario for Ethereum over the short term is a test of its 200-week moving average, which currently sits at $2,600. That would translate to a 15% correction from current levels.

However, the upside looks far juicier. There are many reasons to be bullish on ETH right now, and if it rallies anytime soon, it could easily climb back towards its yearly highs. If ETH just reclaims its yearly high that would translate into a 33% gain.

That’s the asymmetrical upside we are looking for.

Of course, the opportunities extend well past Ethereum. Most altcoins have corrected by 30% to 50% from their yearly highs set in March. Bitcoin dominance, the ratio of Bitcoin’s market capitalization to the total overall crypto market cap, still remains elevated. We have not yet had a true altcoin season. I expect that to change not long after the market starts to recover from the current correction.

That means now is a great time to shop for your favorite altcoins at discounted prices. We’re just weeks or months before altseason, the most explosive time in the crypto market. The opportunities are endless; you just need to act.

Crypto artificial intelligence (AI) tokens are all trading at significant discounts to their March highs. I don’t expect the AI narrative to cool down this year. Now is a great time to load up on your favorite crypto AI projects at a discount before they continue their run.

For investors with greater tolerance for risk, memecoins are trading at huge discounts from their yearly highs. They could still have some significant downside, but if you’re looking for the highest possible payout, look no further. I always advise caution when investing in memecoins, but now wouldn’t be a bad time to load up on a position that you intend to hold for about six months.

The key is to take some action now while others are panicking. Buy when there is blood on the streets. You’ll thank me later.

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This article previously appeared on Investing Daily.