The idea is simple. Bitcoin is in macro distribution phase. 58k potential support. Bullish on alts.
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This was ETH. Is it similar? Tbh it was much better.
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This is a reason to be careful even about good looking alts. Again, no rush to buy the dips.
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I've expressed my discomfort about ETH's outlook a few time before and now it stands as a real problem. Let's see how the market deals with it. Same for BTC but I don't care about it tbh.
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Maybe it's more similar to May '21...
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Anyway key idea is slowly buying dips on good charts is alright but just let the market bottom.
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These are not bottoms. Simple. Assuming bottom is close easy but you need to see it.
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I'm aware A LOT of people are already all-in :D Well, need for de-risking was obvious. I think if you are in that position, it's not late to reduce your risk.
Now, does it look like a bottom. Yeah maybe. I just wanna see a break of the downtrend at least. Exhausted trend continues as expected, it seems like.
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If ETH and BTC starts pumping to new highs like in a week, it will be a pretty good sign for me that it's over. ETH can go much higher but the real action will be in "shitcoins".