It is not looking good for the crypto market, despite my positive view over the total market cap chart, BTC is looking really bearish here. It is about to deep below the 61.8% retracement and below that we have some support at 20k and 10k. Using a simple ABCD harmonic projection, the end of it is around 10k... really depressing for the crypto community. Anyway, my view was that this was stopping above the 61.8% retracement, which still can happen, but when you look at the bigger picture, the most probable unfortunately is the ABCD, unless some strong macro events happens in between.
I don't see it going under the 61.8% retracement zone, not with new stimulus checks around the corner, a growing eye on crypto, multiple countries adopting it, and the pending inflation shockwave. If It does go lower I will be happy to sink 30% of every paycheck in though!
Allenvik
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@coinYoni, Dude, I have the same feeling, saying that, here is my technical view, if you gave me this chart without saying what it was, that is what I would say based on what I see now.
Macro is the real leading cause here, so like you I expect it to stay above the 61%, but be prepared if it doesn't. All the best