If you have been following you may have picked up some btc around 33k, but is this the bottom and where will we go next?
It looks very bearish on the daily and actually most technical signs are looking poor. However, onchain data is showing that the people selling into this capitulation are actually short term holder (bought in the last 6 months). I am not shaken buy this downside, not yet!
Conviction is still strong and I will be looking for a break of 40k in order to have confidence of a reversal, if we can hit 42k I will be even more confident.
It is also possible that we get a fake-out and even more downside follows, this is a normal market reaction in times of uncertainty. However, the interesting thing is that smart money usually sells into rallies but they seem to be dead still on this one, which may mean a stronger bounce. Alts will follow BTC as always.
I will keep you posted!
It looks very bearish on the daily and actually most technical signs are looking poor. However, onchain data is showing that the people selling into this capitulation are actually short term holder (bought in the last 6 months). I am not shaken buy this downside, not yet!
Conviction is still strong and I will be looking for a break of 40k in order to have confidence of a reversal, if we can hit 42k I will be even more confident.
It is also possible that we get a fake-out and even more downside follows, this is a normal market reaction in times of uncertainty. However, the interesting thing is that smart money usually sells into rallies but they seem to be dead still on this one, which may mean a stronger bounce. Alts will follow BTC as always.
I will keep you posted!
