BTC/USD - We have broken through support on the daily and we saw a huge sell of due to stop losses being triggered. The market had FUD with a hack on a very small exchange - CoinRail, although I do not believe this is a reason we dropped below.
Technically we didn't have the buying demand/pressure to retest the resistance of the wedge around $8,900 which saw us create a double top and the bears took back control with a huge sell off.
Currently we are sitting on a long term support zone and we still haven't seen an influx of buyer demand which is leading me to believe we still have to see lower prices. Always remember, the market doesn't care how you feel, it can and in most cases will go lower than you want it to go.
I think psychologically we are at a point where the market wants confirmation of a bullish set up before entering which is why we haven't seen huge volume spikes or buyer demand at these key levels and as I said in my last post, we need to see pain before the new market cycle starts. People will sell and leave crypto, people around me are already losing interest, people are selling for big losses. This is where I start to realise how good a shakeout can be for this market. Because we are still 2x this time last years prices.
I do feel a good buy zone is between $5,800 - $6,300 just due to the fact that no one will catch the absolute bottom.
I always told people to only hold good projects and disregard any ''shit coins'' Currently the alt market has dropped but it hasn't acted as poorly as I thought it would. BTC looks to be the focus at the moment and it looks like ALTS are bottoming out in a sense but I do feel a lot more blood is to come.
Technically it makes sense to have a small bounce here and potentially a retest of $7,000 ( Previous Wedge Support * Now acting as resistance) before dropping further.
Technically we didn't have the buying demand/pressure to retest the resistance of the wedge around $8,900 which saw us create a double top and the bears took back control with a huge sell off.
Currently we are sitting on a long term support zone and we still haven't seen an influx of buyer demand which is leading me to believe we still have to see lower prices. Always remember, the market doesn't care how you feel, it can and in most cases will go lower than you want it to go.
I think psychologically we are at a point where the market wants confirmation of a bullish set up before entering which is why we haven't seen huge volume spikes or buyer demand at these key levels and as I said in my last post, we need to see pain before the new market cycle starts. People will sell and leave crypto, people around me are already losing interest, people are selling for big losses. This is where I start to realise how good a shakeout can be for this market. Because we are still 2x this time last years prices.
I do feel a good buy zone is between $5,800 - $6,300 just due to the fact that no one will catch the absolute bottom.
I always told people to only hold good projects and disregard any ''shit coins'' Currently the alt market has dropped but it hasn't acted as poorly as I thought it would. BTC looks to be the focus at the moment and it looks like ALTS are bottoming out in a sense but I do feel a lot more blood is to come.
Technically it makes sense to have a small bounce here and potentially a retest of $7,000 ( Previous Wedge Support * Now acting as resistance) before dropping further.