I don't like it either, but BTC is looking bearish. Symmetrical wedge/triangle forming on the daily indicating a continuation downward. Based on previous moves, another dump down to 20k would make sense, followed up a minor relief to around 22-25k for new support.
I might be encouraged by the BTC rally if not for the fact that alts continue to rebound faster than BTC, TOTAL2 (altcoin market cap) is rising faster than BTC indicating greed still in the market. It feels fragile at the moment and I would not be surprised by another wave of selling and liquidations before we truly recover.
If BTC can get back above 40k and hold, we survived it and this idea is moot.
Purely speculation, but I don't think we are entering a bear *cycle*, just a bear market...after this move I would expect sideways movement for a few weeks/months before we rally back above 40k
I might be encouraged by the BTC rally if not for the fact that alts continue to rebound faster than BTC, TOTAL2 (altcoin market cap) is rising faster than BTC indicating greed still in the market. It feels fragile at the moment and I would not be surprised by another wave of selling and liquidations before we truly recover.
If BTC can get back above 40k and hold, we survived it and this idea is moot.
Purely speculation, but I don't think we are entering a bear *cycle*, just a bear market...after this move I would expect sideways movement for a few weeks/months before we rally back above 40k