I'm sure many of you are tired of seeing BTC dumping, but I think we might be nearing the end of the downward price action for the near future. Overall, BTC has dropped 35% since its April 14th high of $65,000 and this latest plunge has lost 28% within a week. We can see the dumps are getting shallower which might suggest seller exhaustion. Right now the price action has been contained in this pink wedge I have outlined as it sits on lower channel support. I see a couple scenarios from here. Either: 1) Support holds and we break out to the upside of the falling wedge, 2) BTC breaks through the channel and catches support on the falling wedge where it bounces around $40k, or 3) we break through both support levels and move on to the $38k and lower levels. The lower we fall, the higher likelihood we wick. We have already fallen a significant amount, so I don't think we have too many more days left with the bears in control.
Many alts vs BTC have very bullish structures forming, which also indicates to me that the worst might be over soon. I will be ready to jump into them as soon Bitcoin finishes its corrective ride down. Until then, I'm keeping my shorts and money in USD.
Many alts vs BTC have very bullish structures forming, which also indicates to me that the worst might be over soon. I will be ready to jump into them as soon Bitcoin finishes its corrective ride down. Until then, I'm keeping my shorts and money in USD.