Watching the price action this week, $20k isn't well respected as a level but in the past month we respected $19k twice as a daily close. Note that the 30% + drops/targets are longer term, not implying we go there today.
I currently DCA into spot positions every two weeks, but will DCA daily if we close below $19k (temporarily). If we drop to the "Giga Buy Zone" I'll deploy 25% of my capital immediately.
That said, protect your capital. Don't go too heavy, even when things appear to be a good value because the macro is still very uncertain. Even a bounce/rally from $19k will require additional confirmation before participants re-enter.
Recently the Fed confirmed what we always knew - they said there was a lot they didn't know about inflation , and confidence that it could be brought under control sooner is waning. The Euro Zone is in worst conditions, which lends some (artificial) strength to the US Dollar .. which also in turn pressures crypto further.
All of this is painting a fairly bearish picture and nothing less than inflation dropping and/or Russia backing off it's conflict in Ukraine will give proper relief to markets. In previous bear markets we saw some spicy rallies to sell into, but so far this is proving lackluster.. which I suspect is due to traders being unsure how to trade crypto in this macro (and soon to be recessionary) climate.
I currently DCA into spot positions every two weeks, but will DCA daily if we close below $19k (temporarily). If we drop to the "Giga Buy Zone" I'll deploy 25% of my capital immediately.
That said, protect your capital. Don't go too heavy, even when things appear to be a good value because the macro is still very uncertain. Even a bounce/rally from $19k will require additional confirmation before participants re-enter.
Recently the Fed confirmed what we always knew - they said there was a lot they didn't know about inflation , and confidence that it could be brought under control sooner is waning. The Euro Zone is in worst conditions, which lends some (artificial) strength to the US Dollar .. which also in turn pressures crypto further.
All of this is painting a fairly bearish picture and nothing less than inflation dropping and/or Russia backing off it's conflict in Ukraine will give proper relief to markets. In previous bear markets we saw some spicy rallies to sell into, but so far this is proving lackluster.. which I suspect is due to traders being unsure how to trade crypto in this macro (and soon to be recessionary) climate.