Breaking down this message:
① What happened: Darkfost: The total altcoin market cap has fallen by around $200 billion, and 70% of altcoins on Binance are below their 200-day moving average.
② Why it matters: This is negative news that could easily trigger position trimming and a wait-and-see approach in the short term. The key thing to watch is whether selling pressure is released all at once or builds gradually.
③ What I’ll watch: Whether the intraday highs and lows get tested repeatedly, and whether the market has already priced this in.
④ What I’ll do: I won’t buy the dip yet. I’ll wait until the selling pressure has played out and the candlesticks start moving sideways.
Back to price action: $BTC is currently at 75816, down 0.18% over 24h, with an intraday range of 75571.08–76249.99.
What do you think of this level?
① What happened: Darkfost: The total altcoin market cap has fallen by around $200 billion, and 70% of altcoins on Binance are below their 200-day moving average.
② Why it matters: This is negative news that could easily trigger position trimming and a wait-and-see approach in the short term. The key thing to watch is whether selling pressure is released all at once or builds gradually.
③ What I’ll watch: Whether the intraday highs and lows get tested repeatedly, and whether the market has already priced this in.
④ What I’ll do: I won’t buy the dip yet. I’ll wait until the selling pressure has played out and the candlesticks start moving sideways.
Back to price action: $BTC is currently at 75816, down 0.18% over 24h, with an intraday range of 75571.08–76249.99.
What do you think of this level?
