Seems the triangle i posted a week ago was the thing to follow, but we saw a failed breakout, even before the sudden dump we had this weekend. Glad i am still mostly on the sidelines here :).
Long story short, also not sure what it will do, the ABC i mentioned weeks ago (drop to 55/60K), could have finished already with that dump this weekend, but could still see another leg down, just dont know here. Think for the bulls though, we need to see a break of this red zone, so 67.5/78K, preferably a 4H close even above. Only then will i think bulls are in favour, until then i just dont know, but do think bears are slightly in favour.
Must say, alts got hit pretty hard again even though BTC is still so close to the ATH. Glad i sold a big chunck a month ago when i called for a correction at the 73K. See most alts are down 50/70% even, honestly dont know what to think of that big weakness, didnt expect that to be honest.
Problem past 4/5 days is the stock market. Where BTC showed some independent movements past months, with exception of some days here and there. But the past week or so, it seems the BTC market is very nervous and dumps as soon as stock market goes down. With intrest rates going up a lot past days, stock marken being close to the ATH, could mean extra pressure from that side as well. So outlook for coming days/weeks isn't great.
Bigger picture, is still the same for me, still think we should see another move up eventually. My level i really do not want to see get broken, is around 55K. It could also be up to 51/52K, not easy to say. But i do know, if it gets below 58/57K, I will already get very nervous about the longer term bullish view. If the 55k breaks (not talking about a wick), i will prob start to believe the bull market is already done. Until then, i will remain bullish in general.
Will btc just dump and get it over with ffs , just let it dump to 50 k and move on a battle is going on between bears and bulls , get very boring now .
Melanindigenous
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@Tommy123456789 not how it works. the snakes-i mean whales have to shake out every paper hand for devastating losses before they ever pump the price up. you so realize their whole goal is to gain all the wealth while making retail poor right? they will never hike the price to new ATH alongside the plebs
civomt
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If David shares an analysis and that analysis includes sentences like this: "I will probably start to believe the bull market is already done" - then you should start to be me careful than other days around. I always like this "hints" what can happen, and David is really good in it 🙂
diamanthoxha
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@civomt wow what for an hint you have and when you stay out of the bull run, what will you say????
civomt
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@diamanthoxha I don't have any hint. There is always opportunity to trade, question is if you have funds for it. You can make and lose money no matter in what market you are at. Sometimes it is just good to sit and wait - sounds easy, but reality may be different. Sometimes, you just do everything right and market still does different...
That’s the spirit! I’m reading more and more negativ views. That in gerne Rap shows me we will see a big fake out to the downside and then hitting hard all that shorts… 18.4 we will start upside. Soon we will se new highs… alts are in buyback zone.
Aamir66
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@sirmike89 I read more news like this. Maybe it's more bearish than we think.
sirmike89
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@Aamir66 yea true. If stock market crashes everything will crash as well. There are events they can push everything down. Maybe war with Israel or similar. We will see we have to wait for confirmation. Don’t chase the drops.
sirmike89
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For now we hold a super bullish uptrend consolidation around old ath. Nothing bearish