After two weeks of massive sell offs its rebound week for crypto and the moon boys are back in business! Throughout the crypto space we've seen big dips and big dip buying and we are currently in the midst of a bullish reversal towards new highs! (or not?)
Welcome to a new week of crypto and a new sentiment! Fear has taken place for hope and optimism and the bulls are back to take on the the bear fight. Tradingview is flooded with longs again and finally we can be bullish, right? Well, for the immediate short term, most likely yes but what most bulls won't like the admit; the dump has just started! I am personally not bullish on this market just yet and I don't think we have seen a true bottom. However that doesn't mean a day trader couldn't pick up some good dips along the way if he he or she would know when to sell. My outlook goes to see how the current trading week will develop rather than looking for buy ins - with specific interest for Tuesday's till Friday's trend. With the futures expiring on Friday and the month of June ahead it is very much to be seen how the coming weeks will turn out.
Historically speaking we have just started the bear market and are currently in a bullish reversal trend inside a longer bearish trend comparable to last full trading week of January 2018 (green arrow left on chart) and are likely in for more pain next week comparable to the first full trading week of February 2018 (red arrow on chart). Sure, it doesn mean it definitely has to play out the same way but the likelihood for another 40+% correction is definitely there! For my stance and position in the market it means that I calculate any dip buying with an increased risk, especially with the intention for a mid to long term hold.
So, that leaves me to my personal conclusion that I will not enter the market before the 31st of May 2021 and by doing so potentially miss out on substantial gains this week but at the same time cover an increased risk of substantial losses over the next week(s). The outlook for the current trading week is bullish however Tuesday and Wednesday will show us the true trend. Real bullish confirmations are to break 1.67tn market cap and hold it as support and a bearish outlook would be to see a rejection at this zone (blue box on chart). Price levels I look out for BTC are to be able to break back above 42K with a decisive breakout and retest on a 4 hour time frame or above. Anything below these levels is nothing more than a continuation of a bear trend.
The moon boys will be lift the mood from optimism to a small hype but it is to be seen if the bullish dream outpaces the bearish reality. (Check my latest BTC chart linked below for psychological price levels)
Laste note: my point of interest is the purple box. ;)
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Welcome to a new week of crypto and a new sentiment! Fear has taken place for hope and optimism and the bulls are back to take on the the bear fight. Tradingview is flooded with longs again and finally we can be bullish, right? Well, for the immediate short term, most likely yes but what most bulls won't like the admit; the dump has just started! I am personally not bullish on this market just yet and I don't think we have seen a true bottom. However that doesn't mean a day trader couldn't pick up some good dips along the way if he he or she would know when to sell. My outlook goes to see how the current trading week will develop rather than looking for buy ins - with specific interest for Tuesday's till Friday's trend. With the futures expiring on Friday and the month of June ahead it is very much to be seen how the coming weeks will turn out.
Historically speaking we have just started the bear market and are currently in a bullish reversal trend inside a longer bearish trend comparable to last full trading week of January 2018 (green arrow left on chart) and are likely in for more pain next week comparable to the first full trading week of February 2018 (red arrow on chart). Sure, it doesn mean it definitely has to play out the same way but the likelihood for another 40+% correction is definitely there! For my stance and position in the market it means that I calculate any dip buying with an increased risk, especially with the intention for a mid to long term hold.
So, that leaves me to my personal conclusion that I will not enter the market before the 31st of May 2021 and by doing so potentially miss out on substantial gains this week but at the same time cover an increased risk of substantial losses over the next week(s). The outlook for the current trading week is bullish however Tuesday and Wednesday will show us the true trend. Real bullish confirmations are to break 1.67tn market cap and hold it as support and a bearish outlook would be to see a rejection at this zone (blue box on chart). Price levels I look out for BTC are to be able to break back above 42K with a decisive breakout and retest on a 4 hour time frame or above. Anything below these levels is nothing more than a continuation of a bear trend.
The moon boys will be lift the mood from optimism to a small hype but it is to be seen if the bullish dream outpaces the bearish reality. (Check my latest BTC chart linked below for psychological price levels)
Laste note: my point of interest is the purple box. ;)
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Comment:
UPDATE: where's that big green candle now?
Important update on Twitter on 10x Club, a weekly newsletter curated by me containing research & analytics on the crypto market & the amazing opportunities during the bear market - Check my Twitter or website link below:
