BTC recently broke the "so called" bear trend on feb 4th lots of bullish Elliot wave and trend analyst were published around these days, I was not on board as I have dealt with these market shenanigans before. If you are familiar with the cloud you would know that we were under the cloud on the daily... If you said but on the weekly we weren't I'd say you don't know the cloud. The cloud should be used on smaller time frames with it's max time frame being used on the daily. When you separate far enough from the cloud you can almost expect a snap back to the cloud which is what happened on feb 4th. We entered the cloud on feb 15th which is a "no trade zone" on the daily candles, glad we entertained that idea because the next day on feb 16th we saw an immediate rejecting at that price point which I will go out on a limb and say that's the newly established downward trend even though we haven't tested it again however we may not for a while. Also on Feb 20th we broke the local trend line which was sort of the false hope bull trap that everyone was publishing about.. I am no bear however I won't put my hopes into emotional trades. With the local trend being reject we can assume a new bearish trend line has formed, we were rejected out of the and under the cloud (bearish) Even though the 20 ema is over the 50ema the price is still under those shenanigans exponential moving averages which soon enough upon bearish divergence will put more pressure on the price. Everything is pointing down at this point in time, If you short on crypto settlement layers you will most likely be finding yourself in a good position for the next run up... However raising cash at this point is not worth it as we are already over 60% down off the ATH and the likely hood of you being stuck in cash on the sidelines are much higher. Holding tight compound those AYI and hedging into more solid layer 1 projects will be more beneficial for the next run up. Are we going to have the 80-87% retrace from ATH, as of right now it's likely the way things are looking, and will most likely crash through the 35k accumulation mark but with hedge funds and some banks entering the space we can assume it isn't a 100% guaranteed.
"The fight never ends.... with my wife"
-KewlKat
"The fight never ends.... with my wife"
-KewlKat