It seems like BTC is in free fall. From 7600 to the mid 6K's in one day can feel a little dramatic. As long as 6K holds, it is nothing more than a shake out. And as weak hands are being shaken out of BTC , they are also being shaken in the alts like this market.
Remember, as a price action trader, I do not care why. I only care about what is more likely to happen next and at current levels, a reversal is much more probable.
544 to 464 is the .618 of the recent structure measured from the 374 low. Overlapping the lower level of the area is the 458 reversal zone boundary. IF a reversal can establish itself within this area, a swing trade long idea would be in order. At S.C. that is the area we are monitoring closely for our followers.
IF price keeps pushing lower which is also very possible and no reversal appears, we simply do nothing. Eventually stability will return and we can then continue our evaluation from there.
There are still two significant structures in place. The and the 625 level which I wrote about extensively on S.C. and on here in recent articles. As long as these structures are in play, it is unreasonable to expect any serious action over the long term at this point.
If a swing trade idea develops, it will have a conservative target to compensate for the limited short term potential.
Overall, as long as this market stays above 374, then this price action is just a normal corrective move. At S.C. we will be watching carefully for a broader higher low formation as well. You can follow along while most of our articles are freely available.
I posted an update on this market for those following me on S.C. And in a few hours I will publish another report here on BTC. No matter what these charts say, BTC dictates where they go next.
Technical Analysis, speculating about this and that trend, 200 day moving averages, resistance levels, support levels, Fib retracement etc etc etc
But there is no solid incoming volumes. None of these things matter when there is no volumes incoming.
Crypto markets are very volatile and easily fluctuate a hundred dollars in a day.