BTC: falling to the abyss is over?
Hey Crypto Friends!
Last week we saw epic times in the crypto market and in Global Markets as well. The most painful fact is that Crypto strongly correlates with US indices.
We must break this relationship so the Crypto Market could really become a defensive asset. I believe it will.
The FED is pushing the Dollar
DXY
up by sacrificing everything else. Global markets will be falling another 20-30-40% till the end of the year.
But Bitcoin and his friends are on the last stronghold - at the point of 28000.
Why this level is so important?
Just take a look at the significant volume that appeared when we dropped under 28000. Buyers immediately absorbed all selling volume.
Moreover, since Jan 2021 we touched 28000 5 times, 4 of which caused strong buyers' reactions.
So if we break down this level and fail to return - that will be the finish for the whole Crypto for the next 2 years. But if we stand strong and hold it - after weeks of accumulation, we may see a new uptrend, probably in the second part of 2022.
What is my plan for May-June 2022?
Talking about the current situation, I see the range between 28000-33000 with highly possible stop-loss hunts in both directions (so the real range maybe 27000-34000).
I'll be considering swing trades only, intraday is too dangerous right now. Also, I will give up on Margin Trading and set up my leverage to 1. Now is not the time to be risky.
Good luck and stay safe!
Last week we saw epic times in the crypto market and in Global Markets as well. The most painful fact is that Crypto strongly correlates with US indices.
We must break this relationship so the Crypto Market could really become a defensive asset. I believe it will.
The FED is pushing the Dollar
DXY
up by sacrificing everything else. Global markets will be falling another 20-30-40% till the end of the year. But Bitcoin and his friends are on the last stronghold - at the point of 28000.
Why this level is so important?
Just take a look at the significant volume that appeared when we dropped under 28000. Buyers immediately absorbed all selling volume.
Moreover, since Jan 2021 we touched 28000 5 times, 4 of which caused strong buyers' reactions.
So if we break down this level and fail to return - that will be the finish for the whole Crypto for the next 2 years. But if we stand strong and hold it - after weeks of accumulation, we may see a new uptrend, probably in the second part of 2022.
What is my plan for May-June 2022?
Talking about the current situation, I see the range between 28000-33000 with highly possible stop-loss hunts in both directions (so the real range maybe 27000-34000).
I'll be considering swing trades only, intraday is too dangerous right now. Also, I will give up on Margin Trading and set up my leverage to 1. Now is not the time to be risky.
Good luck and stay safe!