Well after over 100 days of consolidation, the bears were the one to step up and start this huge sell off. I think people were putting WAYYY to much into the BAAKT launch and when that was a dud and the selling started it was a domino effect.
As this continues I'll be watching these levels for a possible reversal, and if price falls below 5k I'll be stepping away from crypto for awhile and let this trend play out. Right now price is finding support at the POC; this 7k-8k range is where I'm really wanting this selling to bottom, tapping into fresh demand and reversing this to the upside. The fact that the RSI is oversold on the daily isn't the best sign... Having an overwhelming amount of sellers isn't good IMO. Now is the time to stay patient, wait for a good entry, and if bulls start showing strength be confident in the trade and if new demand does step in I think we'll be back into the 10k range in no time. If a daily candle closes below 7k then I don't see any support until 5k. BTC was on a rocket ship early in the year, and selloffs are usually more extreme as human psychology takes over.
As this continues I'll be watching these levels for a possible reversal, and if price falls below 5k I'll be stepping away from crypto for awhile and let this trend play out. Right now price is finding support at the POC; this 7k-8k range is where I'm really wanting this selling to bottom, tapping into fresh demand and reversing this to the upside. The fact that the RSI is oversold on the daily isn't the best sign... Having an overwhelming amount of sellers isn't good IMO. Now is the time to stay patient, wait for a good entry, and if bulls start showing strength be confident in the trade and if new demand does step in I think we'll be back into the 10k range in no time. If a daily candle closes below 7k then I don't see any support until 5k. BTC was on a rocket ship early in the year, and selloffs are usually more extreme as human psychology takes over.