Keeping it simple: The last few days have been absolute carnage for both $BTC and altcoins. Honestly, didn't expect this so soon — most of my recent charts got invalidated. My friends on CT didn't see it coming either.
Fear is at extreme levels. Seeing charts projecting new lows below $57K. Not saying that can't happen, but that's not necessarily how the market works. Might be wrong, but I'm going to trust my charts, even in this mess.
My view remains simple:
$57K was the bottom.
$BTC's most recent higher low was around $62,300.
As long as we hold $62,300, I believe a relief rally could be just around the corner.
$BTC is also touching long-term support.
Probably too early to call for a long, but potentially too late to open a short. Don't chase the move.
However, a weekly close below $62,300 could get very nasty. I repeat: very bad for the market.
Stay cautious. Stick to spot and avoid excessive leverage.
Fear is at extreme levels. Seeing charts projecting new lows below $57K. Not saying that can't happen, but that's not necessarily how the market works. Might be wrong, but I'm going to trust my charts, even in this mess.
My view remains simple:
$57K was the bottom.
$BTC's most recent higher low was around $62,300.
As long as we hold $62,300, I believe a relief rally could be just around the corner.
$BTC is also touching long-term support.
Probably too early to call for a long, but potentially too late to open a short. Don't chase the move.
However, a weekly close below $62,300 could get very nasty. I repeat: very bad for the market.
Stay cautious. Stick to spot and avoid excessive leverage.
