Hate to be so dramatic but we may be at the "make it or break it" junction with crypto.
A breakdown here sub trendline support may take us quickly to BTC 28k-30k range. IMO that would be tough to reverse out of anytime soon (in terms of more rally and new ATHs).
Daily MACD showing likely signs of correction coming. Daily RSI has turned south and appears to be heading back to potentially near oversold levels as well.
Seeing as BTC is now so incredibly tied to the VIX (during weekdays) I get the impression that we may see uncertainty (selling off) into and through the weekend into next week.
But honestly, given the pump we just got off of 33K I'm leaning bullish. Maybe a retest of 40K, a plunge below for a day or two, is in the cards soon, then, the big rally comes as we truly "return to normal" as the world drops COVID restrictions en masse and a number of industries return to normal.
Gotta be ready to be wrong though, stay nimble (unless you're perma-bull or bear), and manage risk....
liiks like breakout just happened to me and retest the trending line maybe will apply then
FudBox
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look really close at the curl down on the most recent dip here, it's a bit of a reverse H&S that I've seen go north for a short bit. The Fed meets on the 14th and they're probably gonna bring the fud. Also, Fear & Greed at 50 until yesterday and through the night. Let's see what it registers here in a bit. Stay frosty.
GunMoney
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@FudBox, Bitcoin showing a good inverse H&S pattern at a dip to 40K, judging by how it's holding here (while alts are tanking), 40K will be revisited but a feat. Super Bowl might bring tons of buyers into the space too. Everyone is already expecting 7 rate hikes in a row, so inflation is baked in, geo-political bs is just that, bs. So much fear in the markets makes me comfortable going long
GunMoney
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@GunMoney, but not too comfortable LOL I was VERY bearish not long ago (and for good reason)
FudBox
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@GunMoney, I'm with you, on all points. DCA when it makes no sense to do ;)