Friends I hope your having a great start to your week. I wish I could say the same for crypto. As I have been posting for weeks now, $69K is increasingly looking like it was THE top of $BTC. The only saving grace is that if Bulls can manage to stay over $39.8K on a weekly closing basis. However, even in that scenario I have my own doubts as we are seeing cracks form in other Global markets. So now the question is, "What Now?" It is my humble opinion that $BTC will have a sizable bounce. I am making the assumption on two scenarios. One is we have one last wave lower and the other assuming $42K was the bottom of a Wave 1 down. If we go with either the retrace should measure between the .618 to the .786 Fib. Naturally I am hoping for $42K being the bottoms, as it allows for a slightly larger retrace. It would be a corrective ABC structure up (3 waves). Its in this area that I will be scaling out of my positions in $Alts. Regardless of targets being reached in my own $Alts, I am selling the retrace to secure my own profits and to exit while liquidity is still available (No matter what!) . While I might not get what I wanted, I will still be making money and securing my capital.
Regarding the sentiment: I am still seeing many large influencers comparing prior cycles to this cycle. It is my opinion that they are wrong. Bitcoin has NEVER been in a macro Bear market, NEVER! Lastly, correlations are close to 1 on legacy markets and crypto markets , meaning when markets are trending up so is $BTC. However, as we saw this last week, and during the C19 crash, all things go down together. The reality is Bitcoin goes down harder. That is just the facts. I am not here to do anything but help. I hope the best for us all that are still long this market, as the tides of the macro picture starts to shift from Bull to Bear.
That is all for now> :)
Regarding the sentiment: I am still seeing many large influencers comparing prior cycles to this cycle. It is my opinion that they are wrong. Bitcoin has NEVER been in a macro Bear market, NEVER! Lastly, correlations are close to 1 on legacy markets and crypto markets , meaning when markets are trending up so is $BTC. However, as we saw this last week, and during the C19 crash, all things go down together. The reality is Bitcoin goes down harder. That is just the facts. I am not here to do anything but help. I hope the best for us all that are still long this market, as the tides of the macro picture starts to shift from Bull to Bear.
That is all for now> :)
JT