Bullish on this coin in the long term but as for now, the project being unfinished and macroeconomic factors imminent, another leg down is most likely. I will be buying on this level.
Macroeconomic factors will not do Bitcoin any favours in the short term. I believe the recent spike was a consequence of short position liquidations (~600mln) and not new adoption or demand. Therefore another leg down is more likely than anything else.
I am expecting the stock market to crash in the coming months and it will drag crypto with it. Without proper regulation nothing has really changed in the crypto industry. Even though value is being created, at the time of speaking it cannot be used on a wide scale. Therefore I do not see a bullmarket based on fundamentals until then.
If Bitcoin doesn't break above the white line at 18.6k, it will go to the green line at 11.8k. This will also be my target for the cycle bottom and thus where I will buy more.
If XRP does not break the upper white line it will break below to the target of the purple box. Short opportunity when the bottom white line is broken through.
I overlayed the bear market accumulation pattern of 2018 - 2020 for the Altcoin market cap on the accumulation pattern we're in now (Jun - Nov 2022).
(The accumulation pattern of 2018 in monthly candles look even more similar to the weekly candles of the accumulation pattern of today.)
Moving very similarly, the RSI supports the idea of continued correlation. This...
