The market is retesting support for BTC at 22K. I don't trade BTC, only HODL. I trade alt coins but watch BTC since the alt coins follow its lead.
Trade active:
BTC trading has broken to the downside through support at 21.5K. It also broke to the downside on a falling wedge pattern which is typically bullish. BTC needs to close this week's candle above 19.5K to keep its January trend going (Weekly candle closes on Sunday at 23:59:59 UTC). If it closes below then the chart would suggest that the bears are gaining confidence. Reference the Falling Wedge Pattern chart I posted on March 7th
What were the macro stories this week that drove a bullish patten and support to breakdown? Silvergate liquidation, FUD coming from the Fed's congressional testimony, and the Fed raising rates to fight inflation. None of these are new macro stories so it's likely that BTC will not revisit the January lows and breakdown below that. It would take a new negatve macro story emerging in the next couple of weeks to revisit and test the last bottom around 16K.
Let me know if you agree on this or have a different view on the overall BTC sentiment.
What were the macro stories this week that drove a bullish patten and support to breakdown? Silvergate liquidation, FUD coming from the Fed's congressional testimony, and the Fed raising rates to fight inflation. None of these are new macro stories so it's likely that BTC will not revisit the January lows and breakdown below that. It would take a new negatve macro story emerging in the next couple of weeks to revisit and test the last bottom around 16K.
Let me know if you agree on this or have a different view on the overall BTC sentiment.
Trade active:
Was buying at 23K looking now for the next BTC targets to be
82K
- $100K. I have been taking some profits along the way. Sold some at $62K and also $68K.
82K
- $100K. I have been taking some profits along the way. Sold some at $62K and also $68K.
Comment:
I called the crypto bear market reversal pretty well here!!!