Potential Bottom as March 26th Options Expire?
As we get closer to options expiratory, volatility should be expected. Lots of fud and fear in the space lately it seems, and IMO it's not justified. Zoom out, look at the bigger picture... market structure is still macro bullish.
Looking at the chart we can see unconfirmed bullflag forming, and a bull div forming on higher timeframes.
I see this playing out one of two ways, either we simply bounce from the current level and close above $53,XXX which would be very bullish. Or we dip into the 48k-50k region and sweep the previous low where there is tons of liquidity. Both scenarios result in a bounce.
If 48k-50k can't hold then this would be very painful for the market as nearly all altcoins would be sent to the next horizontal support.
Good luck fellas
Looking at the chart we can see unconfirmed bullflag forming, and a bull div forming on higher timeframes.
I see this playing out one of two ways, either we simply bounce from the current level and close above $53,XXX which would be very bullish. Or we dip into the 48k-50k region and sweep the previous low where there is tons of liquidity. Both scenarios result in a bounce.
If 48k-50k can't hold then this would be very painful for the market as nearly all altcoins would be sent to the next horizontal support.
Good luck fellas
Trade active:
Bounced as expected. V bottom on smaller timeframes, bullish engulfing candle close above 54k on the daily.
From here it's my opinion that we range a little bit, could possibly retest 5250 or so.
From here it's my opinion that we range a little bit, could possibly retest 5250 or so.