The Market with all its uncertainties ad seriously there is little TA can do at this moment than to wait it out.
Also watch Alts bleed to dry as $Btc continues the possible downward trend.
I really hope we don't get to that 13k...I really do!
In the coming weeks this scenarios is likely to play out with $Btc with $DXY making a leap on the upper side
1st scenario, $Btc have to give a powerful weekly closing by flipping that 25k Resistance (that means nosediving $DXY)
Scenario 2 looks more likely but this is crypto, crazy things are happening * in Tem's voice*
A little reminder that BTC is still trading inside a Bear channel & a down trend
RSI on the weekly/monthly still looking bearish... The volume must match the price momentum
If it closes above 200MA at about 26k-30k this July, we might Be exiting this Bear cycle in the coming months
There is no quick fix to exiting the bear market ! So patient is the only solution here.
This could continue till 2nd to 3rd quarter 2023 before we can begin to see a reasonable market turn around. In between, it is expected to see a more market consolidation/ranging period.
$BTC has > 50% of dropping within that red box and equally bouncing from it.
A gentle reminder that $BTC is still tumbling inside a bear hole (in between the red lines) and this could spill both ways
So don't get trapped ...
Patient is what we have got now to be able to know the direction it is going to go but until then, $Btc is goin' to continue toiling with our emotions and psyche.
Looking at the daily closing since the last low at 26k, capitulation is far from over ad we might prolly heading in the second phase of it unless we have a strong daily candle closing right above that 34/35k region.
Ad the may be we ca say that 26k is the bottom.
Either you are accumulating as a long term holder or you are taking swift shorts(get in ad get out...
I have never come across any Alt that can match the energy and enthusiastic behavior of IDEX investors !Lol!
While the rest of the Alts are trailing behind $Btc like some lost puppy, $IDEX is working to break out from the lower trading channel to reclaim the upper trendline
With the current RSI on the Daily TF at 50, i expect this to continue a run up if $Btc...
Yah.. Just like $BTC,SPX just overturns...
If it makes it above $4200.that will look good for crypto
Keep in mind the looming recession and inflation but i think crypto will fare better than the stocks.
Am I the only one who/s been wowed on how $TRX has been holding the forte???...Dude been bouncing like nothing happened.
Am I missing something going on in Tron foundation aside the new USDD stable coin announcement ?
Well, i was one of the market optimists that strongly believe $Btc ain't hitting below $30k but here we are!
With $Luna, $UST and current CPI 8.3% crap ,all is putting the market under a very severe stress and with it knocking a lot of fears in some investors especially the retail traders
Below $28805,that could spell the hard truth even some of us bull optimists...
The $luna team boys are intelligent and tech savvy, had a very innovative plan but they got too cocky and poorly managed the whole $UST business but they will learn and bounce back. Truth is that its prolly going to take a long time for the $luna price to even hit like $50 because of lost investors confidence on their project.
Trade safely and always remember...
If BTC don't flip on this current level, the next probable area of support will be at those 32k horizontal support level..
I am still optimistic on the price staying above that 30k price action and thus believe that the worst bear case scenario do at that 32k region.
$btc still ranging inside that low trading channel (bear Flag)
We may touch down 36/35k before heading up. Hoping to see $Btc follow that pattern in the coming days which will determine what happens next.
BTC also seem to be following the stock indices (SP500)...what happens to stock may topple over the crypto market but we wait and see.