here is my bigger picture look on BTC, I think we are perfectly capable of coming lower to fill out the FVG/Imbalances on the weekly chart or at least attempt to target them. I think the small pump was a fakeout to get buyers to jump in and then they will go and sweep last weeks low and fill out the imbalances.
FVGs are present on the daily as well for confluence.
The incoming buy volume is very low on the weekly and daily. This isn't giving me much confidence in a reversal.
Keep a mental note with you that we may come to attack the 20k support. There is Imbalance and a bullish OB there, so it is a strong case for a target area.
If we continue to drop lower I will take this Opportunity to start stacking more fundamentally strong projects in particular more XRP, XLM and ALGO for my long term holds. DCA into positions is the most effective and safe way to accumulate and get your ideal entry.
RSI hitting support, though bear markets historically have seen the weekly RSI drop below 30 for multiple weeks. So expect alts could lose another 20-50% in value if that happens.
FVGs are present on the daily as well for confluence.
The incoming buy volume is very low on the weekly and daily. This isn't giving me much confidence in a reversal.
Keep a mental note with you that we may come to attack the 20k support. There is Imbalance and a bullish OB there, so it is a strong case for a target area.
If we continue to drop lower I will take this Opportunity to start stacking more fundamentally strong projects in particular more XRP, XLM and ALGO for my long term holds. DCA into positions is the most effective and safe way to accumulate and get your ideal entry.
RSI hitting support, though bear markets historically have seen the weekly RSI drop below 30 for multiple weeks. So expect alts could lose another 20-50% in value if that happens.