A few ways this can play out here. Any bounces last few days have been all but weak and looks like the bears might be in control at the moment. The run has been quite spectacular from 10K and it didn't take long for BTC to reach just below 60k.
There's a few strong support levels (marked in green) to bounce off here along the long term trend line and go back up. 30% confident
Or we could fall through those support levels and turn bearish. I think it is critical to not break that long term trendline. Once we do, we will be in hands of the bears. 70% confident
I'm personally out of all cryptos except some defi's I've collected over last few months. The market is unpredictable at the moment so trade with caution. I would also keep an eye on the overall crypto marketcap/BTC dominance charts to see what's going on. Any consistent drop in the overall marketcap means people are exiting the market so there could be more pain to come.
I am bullish in crypto long term though.
There's a few strong support levels (marked in green) to bounce off here along the long term trend line and go back up. 30% confident
Or we could fall through those support levels and turn bearish. I think it is critical to not break that long term trendline. Once we do, we will be in hands of the bears. 70% confident
I'm personally out of all cryptos except some defi's I've collected over last few months. The market is unpredictable at the moment so trade with caution. I would also keep an eye on the overall crypto marketcap/BTC dominance charts to see what's going on. Any consistent drop in the overall marketcap means people are exiting the market so there could be more pain to come.
I am bullish in crypto long term though.