#Bitcoin Closed below the 50DMA. This is concerning as it opens the door for a potential drop to the mid-$30k range, in line with fractals and support/resistance levels.
However, there's an alternative scenario to consider, especially since I'm not selling any of my bitcoins. Bitcoin is known for creating deviations before significant moves. It already formed one at the top nearly $49k. What if the current breakdown is just a deviation before the next upward trend?
The goal might be to shake out as many risk-takers as possible before a major move, regardless of the direction. To confirm if it's a deviation, we need to observe a few more candles. Keep in mind my invalidation points at $40,222. If the daily breaks below that level, we may indeed head to the mid-$30k for a retest.
My course of action: I am holding my BTCs and ALTs on the spot, avoiding futures for now.
Utilize this information and do your own research. This is not financial advice.
#Crypto
However, there's an alternative scenario to consider, especially since I'm not selling any of my bitcoins. Bitcoin is known for creating deviations before significant moves. It already formed one at the top nearly $49k. What if the current breakdown is just a deviation before the next upward trend?
The goal might be to shake out as many risk-takers as possible before a major move, regardless of the direction. To confirm if it's a deviation, we need to observe a few more candles. Keep in mind my invalidation points at $40,222. If the daily breaks below that level, we may indeed head to the mid-$30k for a retest.
My course of action: I am holding my BTCs and ALTs on the spot, avoiding futures for now.
Utilize this information and do your own research. This is not financial advice.
#Crypto
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