Its fine, its been running too hard. Right now the charts indicate that BTC was going to top out at around $79k/$80k on this run and so many alts still have a long ways to go to put in their new all time highs and with the rate BTC was going we would have reached that $79k by April this year(24) and then started our next prolonged market decline. By pulling back to $60k now and slow climbing back, we could extend this rally by probably at least a couple months if not more.
Sometimes a fast wick on a chart can be ignored, but it should always be used as a flag of caution. Its this wick I have circled that leads me to believe we could break down here, and the next line of support I see after this is at $59k/$60k depending on how fast we get there.
Because we see a bit of buy volume at levels just below the trend line, probably we will have a traditional jump back up to prove previous support is now resistance, and then likely a pretty good free-fall, based on prior performance in these cases.
Additionally using order books of futures markets it looks like futures are amassing orders at $60k, as traders look to buy the dip. To be fair, the order books on coinmarketflow show that there are a lot of asks more than 10% away from the current price, this is an indication of traders anticipating the price will go up and have set their exits more than 10% out.
It seems caution is advisable at the moment, watch these lines, we give up that ascending trendline, $60k seem very realistic, we hold this ascending line and buck that shorter descending trend line and we should have an excellent rally over this next week.
I am still nervous about the wick and have prepared for it with my own set of limit orders to buy the dip.
This is not investment advice, you should always do your own research. Crytpo especially is volatile and still fairly wild west, it is not for faint of heart.
There are some really promising Alts that still look to have 5x and 10x runs in them if this ship holds it together long enough.
Sometimes a fast wick on a chart can be ignored, but it should always be used as a flag of caution. Its this wick I have circled that leads me to believe we could break down here, and the next line of support I see after this is at $59k/$60k depending on how fast we get there.
Because we see a bit of buy volume at levels just below the trend line, probably we will have a traditional jump back up to prove previous support is now resistance, and then likely a pretty good free-fall, based on prior performance in these cases.
Additionally using order books of futures markets it looks like futures are amassing orders at $60k, as traders look to buy the dip. To be fair, the order books on coinmarketflow show that there are a lot of asks more than 10% away from the current price, this is an indication of traders anticipating the price will go up and have set their exits more than 10% out.
It seems caution is advisable at the moment, watch these lines, we give up that ascending trendline, $60k seem very realistic, we hold this ascending line and buck that shorter descending trend line and we should have an excellent rally over this next week.
I am still nervous about the wick and have prepared for it with my own set of limit orders to buy the dip.
This is not investment advice, you should always do your own research. Crytpo especially is volatile and still fairly wild west, it is not for faint of heart.
There are some really promising Alts that still look to have 5x and 10x runs in them if this ship holds it together long enough.