DEALER BTC. $BTC #BITCOIN $SPX $NQ My Thoughts: Bear Lurking
This trade idea is an update to my view on the crypto market. Last week's price action was relatively quiet and consolidation took place. After looking at recent price action on SPX and Nasdaq, it is my opinion that SPX is likely to lose $4050 and test support at $3600 and Nasdaq is likely to test support at $11,000. That implies that I am expecting a break of the current yearly lows. Hence, I believe that would be enough of a catalyst for Bitcoin to break its yearly low and test for support at $20,000. In such a scenario, it is my opinion that Bitcoin would be 95% likely to continue lower to $6000-$4000. However, I do believe a couple more weeks of consolidation before a major move is likely.
Despite my bias, how I plan to trade this market is to treat the current price action as consolidation on the lower timeframes and continue to get in and get out of my trades. I would be careful entering and holding a short in between the current monthly low and current yearly low.
When I trade, I establish a bias for the bigger picture and use that as guidance for my trades on the smaller picture as my trades very rarely last over the length of a few hours.
It is also my opinion that June 30th is a significant date for Bitcoin. I am expecting the yearly low to hold until it does not.
If Bitcoin does retest the $4000-$6000 region, I believe it is a good price at which to pick up a long term bag of spot Bitcoin. As for alts, I believe that Ethereum would be the safest choice. I believe that a new bull run will have new altcoin stars and that some of the current altcoin stars (Solana, Avax, Luna) may not pump as hard or even be around. My second Altcoin pick would be Dogecoin, and third would be Solana.
If making a purchase at the $4000 - $6000 range one should assume that it may take lots of time for the market to rebound. One should also assume that it is possible to break the $4000-$6000 region and continue lower and have a plan for that. The market has changed as bigger players who have entered the market are able to apply more pressure to the price. Whales must fight other whales for control.
Note: (not financial advice) If I were holding any altcoins at this point in time, since they are already down so much, I would not sell them. It may take time, but I'd prefer to wait for the market to take its time and rebound. Also, if the market should go lower, it would make sense to buy more at lower prices.
Whenever making any trade or purchase, it is my opinion that one should not risk more than one can completely afford to lose - it may take people years to understand this but the sooner they understand it and employ this principle, the better for them.
This trade idea is not financial advice. I am not a financial advisor of any kind.
Please do your own analysis, responsibly manage your risk, and stay safe.
Despite my bias, how I plan to trade this market is to treat the current price action as consolidation on the lower timeframes and continue to get in and get out of my trades. I would be careful entering and holding a short in between the current monthly low and current yearly low.
When I trade, I establish a bias for the bigger picture and use that as guidance for my trades on the smaller picture as my trades very rarely last over the length of a few hours.
It is also my opinion that June 30th is a significant date for Bitcoin. I am expecting the yearly low to hold until it does not.
If Bitcoin does retest the $4000-$6000 region, I believe it is a good price at which to pick up a long term bag of spot Bitcoin. As for alts, I believe that Ethereum would be the safest choice. I believe that a new bull run will have new altcoin stars and that some of the current altcoin stars (Solana, Avax, Luna) may not pump as hard or even be around. My second Altcoin pick would be Dogecoin, and third would be Solana.
If making a purchase at the $4000 - $6000 range one should assume that it may take lots of time for the market to rebound. One should also assume that it is possible to break the $4000-$6000 region and continue lower and have a plan for that. The market has changed as bigger players who have entered the market are able to apply more pressure to the price. Whales must fight other whales for control.
Note: (not financial advice) If I were holding any altcoins at this point in time, since they are already down so much, I would not sell them. It may take time, but I'd prefer to wait for the market to take its time and rebound. Also, if the market should go lower, it would make sense to buy more at lower prices.
Whenever making any trade or purchase, it is my opinion that one should not risk more than one can completely afford to lose - it may take people years to understand this but the sooner they understand it and employ this principle, the better for them.
This trade idea is not financial advice. I am not a financial advisor of any kind.
Please do your own analysis, responsibly manage your risk, and stay safe.
Do you like my analysis? Do you want to stop paying for stop losses and make money? Come trade with me in my private Discord group with this link discord.gg/q5Q7GzVD3h - Send me a DM to start.
