Where are we at? BTC - the present market leader.
So, what do i have.
- Daily TF
- Fib’s
- 50(green) MA and 200(blue) MA
- Previous uptrend channel (green)
- Downtrend channel (red)
- Levels of significance(due to past setups) under the heavy support/resistance at 8.4K, including major support at 6.2k
- Mirror of the correction from 2014(just as a guide of a previous big correction of the same asset)
- Volume dropping
So, based on the crypto market cycles theory, i believe that this correction is far from being over. Bears die slow and the volatility is still a little to high for it to squeeze and move on to a good accumulation fase in this asset.
We have some good signs that this is a healthy squeeze after the exhaustive bull run we had.
the lower low at 6k wasn’t drastic and BTC seems to be holding some major key levels(that can be broken any time soon)
Do i believe in 3k BTC? I do not. much at stake at this point.
I trust in the technology and after a lot of thought, i believe that the only way to stop a few crypto’s to scale is by prohibition. But fundamentals are pointing to regulations instead.
Well this is just a thought and i do it by covering BTC because it is the actual market leader by market capitalisation. But i do believe more in other assets that have they’re own blockchain to scale more than BTC.
Only time will tell. Either way, i can’t wait to se de development of this so called financial revolution!
If you have some thoughts, please share them on the comment section.
Stay safe
- Daily TF
- Fib’s
- 50(green) MA and 200(blue) MA
- Previous uptrend channel (green)
- Downtrend channel (red)
- Levels of significance(due to past setups) under the heavy support/resistance at 8.4K, including major support at 6.2k
- Mirror of the correction from 2014(just as a guide of a previous big correction of the same asset)
- Volume dropping
So, based on the crypto market cycles theory, i believe that this correction is far from being over. Bears die slow and the volatility is still a little to high for it to squeeze and move on to a good accumulation fase in this asset.
We have some good signs that this is a healthy squeeze after the exhaustive bull run we had.
the lower low at 6k wasn’t drastic and BTC seems to be holding some major key levels(that can be broken any time soon)
Do i believe in 3k BTC? I do not. much at stake at this point.
I trust in the technology and after a lot of thought, i believe that the only way to stop a few crypto’s to scale is by prohibition. But fundamentals are pointing to regulations instead.
Well this is just a thought and i do it by covering BTC because it is the actual market leader by market capitalisation. But i do believe more in other assets that have they’re own blockchain to scale more than BTC.
Only time will tell. Either way, i can’t wait to se de development of this so called financial revolution!
If you have some thoughts, please share them on the comment section.
Stay safe
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