BTC to ~$53k, to question bull or bear market
We lost that support and now the next major support is important as it will identify if we are still in a bull market or if this rally is winding down. I did expect to see BTC at around $80k+ on this rally and we did not reach it yet so I am hopeful that when we hit this next support line, it will be the end of this pullback and we continue back up in this bull rally that just needed to rest its run these last weeks. Something else about that trendline is it also lines up perfectly with the 200d moving average on the 1d candles, that is a really strong support line, so the chances of it holding with the 200d and nearly a year long trend line is pretty strong.
That trendline that catches us at $53kish that is our ascending trendline that kicked off this rally and it has been in place since last October/23. If we break that support line (and 200d moving average) the low for BTC would probably be a lot lower. Once we touch, test and verify support at that trendline, its most likely that the bulk of the market pullback is over and we will start heading back up with a great entry opportunity for anyone who still has money on the sidelines and hasnt been burnt too much by this pullback to prevent them from adding to or re-initiating their position in crypto.
As always, I TA BTC because if its ill, the whole market is ill, one should avoid going long on any alt while BTC is tumbling, trading alts means also watching BTC. I dont actually trade BTC but I do more TA on it than any other asset because of its impact on other crypto. Also we have seen crypto markets sync to traditional equities in the past, when things go bear everyone sells all their high risk assets first and traditional equities is also feeling some pinch at the moment.
Always DYOR, this should not guide you to an investment decision, it is not investment advice, it is one of many pieces of information for you to consider in your research.
That trendline that catches us at $53kish that is our ascending trendline that kicked off this rally and it has been in place since last October/23. If we break that support line (and 200d moving average) the low for BTC would probably be a lot lower. Once we touch, test and verify support at that trendline, its most likely that the bulk of the market pullback is over and we will start heading back up with a great entry opportunity for anyone who still has money on the sidelines and hasnt been burnt too much by this pullback to prevent them from adding to or re-initiating their position in crypto.
As always, I TA BTC because if its ill, the whole market is ill, one should avoid going long on any alt while BTC is tumbling, trading alts means also watching BTC. I dont actually trade BTC but I do more TA on it than any other asset because of its impact on other crypto. Also we have seen crypto markets sync to traditional equities in the past, when things go bear everyone sells all their high risk assets first and traditional equities is also feeling some pinch at the moment.
Always DYOR, this should not guide you to an investment decision, it is not investment advice, it is one of many pieces of information for you to consider in your research.