BTC Monthly Update
BTC grew insanely fast. Shitcoins are the top-5 earners of the week: dogwifhat, Pepe, Bonk. That's a clear sign that we're nearing the euphoria zone. We're nearing old all-time highs. Conservatively, that'd be a good zone to temporarily close the position and wait out, should there be some pullback.
While I'm not sure what should happen for us to see a large drop, technically that is a possibility. Triple top, a pullback, pain and blood, billions of liquidations, the usual stuff. I'd like to see a few more days of the price action. Looking alright so far. So long as we're above 60k there's nothing to worry about. Also, I doubt that 64 - 69k is a strong resistance: whoever bought the top 3 (three!) years ago, either bought more and held, or already sold at a loss at 16k, or in the 40 - 44k zone. There shouldn't be any real selling pressure at the top. It just wouldn't make any sense for the sentiment to suddenly change to bearish given we're in the ETF area, and halving is near.
I'm going to hold for now and re-evaluate next week. Not sure what the range is. It'd be nice to sell at around 66k - 69k and buy back at 61k - 62k.
While I'm not sure what should happen for us to see a large drop, technically that is a possibility. Triple top, a pullback, pain and blood, billions of liquidations, the usual stuff. I'd like to see a few more days of the price action. Looking alright so far. So long as we're above 60k there's nothing to worry about. Also, I doubt that 64 - 69k is a strong resistance: whoever bought the top 3 (three!) years ago, either bought more and held, or already sold at a loss at 16k, or in the 40 - 44k zone. There shouldn't be any real selling pressure at the top. It just wouldn't make any sense for the sentiment to suddenly change to bearish given we're in the ETF area, and halving is near.
I'm going to hold for now and re-evaluate next week. Not sure what the range is. It'd be nice to sell at around 66k - 69k and buy back at 61k - 62k.
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