The entire crypto-asset market is bleeding. We were looking for a bullish break-out to the upside with one condition to be met. The crypto market would have to remain bullish. Unfortunately, we have seen the opposite due to interest rate hikes, the banning of crypto in Russia and a potential new pandemic escalation leading to a strong sell-off. Not only in the crypto market, but across different asset types we are experiencing strong declines while tech is one of the hardest hit sectors.
From a technical perspective, we were rejected from the 200D MA. MACD is diverging again and facing the downside which is a bad sign. RSI shows us a hidden bullish divergence which is on the first sight good, but we have a lot more room to go down as oversold regions are much lower than at level 40. I assume a strong support at the 0.6 - 0.8 level and we could bounce quite nicely here. Also depends on how much longer the general market will remain bearish.
Time to BUIDL and forget about returns for a while.
Good luck with your trades! Do not consider this as financial advice.
From a technical perspective, we were rejected from the 200D MA. MACD is diverging again and facing the downside which is a bad sign. RSI shows us a hidden bullish divergence which is on the first sight good, but we have a lot more room to go down as oversold regions are much lower than at level 40. I assume a strong support at the 0.6 - 0.8 level and we could bounce quite nicely here. Also depends on how much longer the general market will remain bearish.
Time to BUIDL and forget about returns for a while.
Good luck with your trades! Do not consider this as financial advice.