Before I start, I want to say thank you to the people who sent me kind words during the past week. I haven't had time to reply but I saw a few of them so thank you, it meant a lot. For those of you who didn't know, I had a pretty rough week. I was dealing with a family emergency and today was the first day I wasn't at the hospital all day. If anyone was wondering where I was, that was what happened.
I haven't had too much time to dissect the market, but it seems things were following what I said in my update. I told everyone not too get excited until the CME gap was filled for BTC which gapped up last weekend. Today the CME gap finally filled, so as long as we don't gap up again, the market should be in good shape.
There are some things that have the possibility to drag the market down and here it is:
Covid news (lockdowns, variants, etc).
Evergrande payments (largest payment of 2.1B due March 23, 2022).
FED bond tapering (updates coming on Dec 14th and 15th).
In terms of the market, the bull market should still be considered ongoing until proven otherwise by metrics. I expect many alts to bounce from the last gap close however I have not been able to keep up with anything this week so I cannot tell you which ones look the best. ADA broke out of its descending channel, and tested the previous diagonal resistance as support today. I hope BTC will trade sideways this weekend otherwise we will have another gap to worry about and that won't be fun. If BTC trades sideways, expect ADA to do the same. I believe there will be more upward movement if all goes well with BTC and we will form the basing pattern I have been talking about for a month and a half now. Other than that the market has been rather slow today, most people did not see the pullback coming however, I knew the gap would be filled one way or another. This happens to be the best scenario. If BTC continued to run, we would have a gap at 54k to worry about and its better to worry about it now than if BTC moves to 70K. That is all I have today. I need to follow up on a lot of things going on right now because I have been gone for the entire week. Thanks again everyone!
I haven't had too much time to dissect the market, but it seems things were following what I said in my update. I told everyone not too get excited until the CME gap was filled for BTC which gapped up last weekend. Today the CME gap finally filled, so as long as we don't gap up again, the market should be in good shape.
There are some things that have the possibility to drag the market down and here it is:
Covid news (lockdowns, variants, etc).
Evergrande payments (largest payment of 2.1B due March 23, 2022).
FED bond tapering (updates coming on Dec 14th and 15th).
In terms of the market, the bull market should still be considered ongoing until proven otherwise by metrics. I expect many alts to bounce from the last gap close however I have not been able to keep up with anything this week so I cannot tell you which ones look the best. ADA broke out of its descending channel, and tested the previous diagonal resistance as support today. I hope BTC will trade sideways this weekend otherwise we will have another gap to worry about and that won't be fun. If BTC trades sideways, expect ADA to do the same. I believe there will be more upward movement if all goes well with BTC and we will form the basing pattern I have been talking about for a month and a half now. Other than that the market has been rather slow today, most people did not see the pullback coming however, I knew the gap would be filled one way or another. This happens to be the best scenario. If BTC continued to run, we would have a gap at 54k to worry about and its better to worry about it now than if BTC moves to 70K. That is all I have today. I need to follow up on a lot of things going on right now because I have been gone for the entire week. Thanks again everyone!
BTC should retest the bottom. That should be expected, however from there it should resume its upward movements. If you are heavily in alts and find yourself underwater because you bought in late, consider taking profit a bit more regularly or hedging your portfolio with BTC or ETH. These pullbacks occur rather often on the way to the top so keep that in mind. Thanks.