BTC & Cryptos seem to have averted doom for now
As I suggested in my last view, the break down in the wedge on BTC below the 36k, was really bearish, and it was dragging the whole cryptos with it, including a complete loss of confidence on ETH, which led heavy bag holders to dump it in desperation, making ETH lose a lot of ground against BTC.
Anyway, I suggested as my primary view, that BTC would resume its retest of the lows, and would be contained above the 61.8% retracement from a year ago, but for that it was necessary some macro support, some event that could turn BTC around from the lows. Well, that macro events seems to have happen in the last few days, not going into the details of that now. Anyway, with a strong turn after revisiting the 31k in a double bottom fashion, BTC bounced above the 61.8% and now it has moved higher to 39k.
That is definitely a bullish change as it can be seen, IMO the worse has been averted for now, and I would look for sideways action, consolidation and maybe return to the bullish trend at some point.
We will see. Good luck
Anyway, I suggested as my primary view, that BTC would resume its retest of the lows, and would be contained above the 61.8% retracement from a year ago, but for that it was necessary some macro support, some event that could turn BTC around from the lows. Well, that macro events seems to have happen in the last few days, not going into the details of that now. Anyway, with a strong turn after revisiting the 31k in a double bottom fashion, BTC bounced above the 61.8% and now it has moved higher to 39k.
That is definitely a bullish change as it can be seen, IMO the worse has been averted for now, and I would look for sideways action, consolidation and maybe return to the bullish trend at some point.
We will see. Good luck
