Of course this is something that nobody will want to hear, but the very weak price action of BTC makes me think that we'll revisit the weekly moving average 200.
This is a very longterm and very important support for BTC. Every time we revisit this area, there is great panic and despair in the air.
We did so in the brutal bearmarket low in 2014/15, then in 2018, then in March 2020, and now we might do so again later this year.
Of course I hope I am wrong, but I always remain flexible in how I assess the situation. Flexibility and adapting to new situations is quite good for trading on longer timeframes.
So a possibility might be to sell a portion of one's holdings after the bounce.
If we now make a new low this or next weekly candle, then there will also be a strong bounce. One might sell a portion of his stash to rebuy lower.
It will depend on the price action in the next 2 weeks, but right now, BTC didn't really bounce a lot from 30k, which is really weak.
Therefore I think we'll be getting a mini crypto winter or mini bearmarket, similar to 2013.
For me, this whole price action of BTC has delayed the top at around 200k to mid or late 2022.
It would also fit the idea that bitcoin cycles are getting longer.
This is a very longterm and very important support for BTC. Every time we revisit this area, there is great panic and despair in the air.
We did so in the brutal bearmarket low in 2014/15, then in 2018, then in March 2020, and now we might do so again later this year.
Of course I hope I am wrong, but I always remain flexible in how I assess the situation. Flexibility and adapting to new situations is quite good for trading on longer timeframes.
So a possibility might be to sell a portion of one's holdings after the bounce.
If we now make a new low this or next weekly candle, then there will also be a strong bounce. One might sell a portion of his stash to rebuy lower.
It will depend on the price action in the next 2 weeks, but right now, BTC didn't really bounce a lot from 30k, which is really weak.
Therefore I think we'll be getting a mini crypto winter or mini bearmarket, similar to 2013.
For me, this whole price action of BTC has delayed the top at around 200k to mid or late 2022.
It would also fit the idea that bitcoin cycles are getting longer.