Quick summary of major points i discussed on market opening hours in yesterdays video.
The $BTC price action followed my expectations and did in fact make a visit of the 66k price level. Only difference was that i was just expecting it to wick down and quickly get bought up, but instead we had a candle close in that range before a recovery early in the morning. This indicates fear among buyers as they no longer have confidence in what represents a support level and what doesnt. Cant blame them as the only buy line of defense is right at the 65k level and it is very small, while long positions are waiting to open at 64k and then an even smaller line of positions open at 60k. This is due to market uncertainty but this will change quickly in the next 48hrs when CPI and PPI are both released. But for now everything is blurry, thats why people are exercising caution as i would recommend for you too.
$SOL has already recovered 1% since todays opening hour and i believe it has already dropped more than BTC yesterday. So even if BTC dumps harder on bad CPI news today, SOL will only retrace half of the BTC retracement before pumping back up again to 150$. Since a drop in BTC price will mean a drop in BTC.D and renew confidence for alt traders in the possibility of alt-season, where most of these projects rely heavily on SOL buy-ins. The same applies to $ETH .
If you want this further explained along with the fib levels and the horizontal dotted lines to understand what these levels on the chart mean, im currently uploading a short 8min summary video on youtube.
The $BTC price action followed my expectations and did in fact make a visit of the 66k price level. Only difference was that i was just expecting it to wick down and quickly get bought up, but instead we had a candle close in that range before a recovery early in the morning. This indicates fear among buyers as they no longer have confidence in what represents a support level and what doesnt. Cant blame them as the only buy line of defense is right at the 65k level and it is very small, while long positions are waiting to open at 64k and then an even smaller line of positions open at 60k. This is due to market uncertainty but this will change quickly in the next 48hrs when CPI and PPI are both released. But for now everything is blurry, thats why people are exercising caution as i would recommend for you too.
$SOL has already recovered 1% since todays opening hour and i believe it has already dropped more than BTC yesterday. So even if BTC dumps harder on bad CPI news today, SOL will only retrace half of the BTC retracement before pumping back up again to 150$. Since a drop in BTC price will mean a drop in BTC.D and renew confidence for alt traders in the possibility of alt-season, where most of these projects rely heavily on SOL buy-ins. The same applies to $ETH .
If you want this further explained along with the fib levels and the horizontal dotted lines to understand what these levels on the chart mean, im currently uploading a short 8min summary video on youtube.
