Bitcoin Finishing the ABC or still another Leg Down
Seems the triangle i posted a week ago was the thing to follow, but we saw a failed breakout, even before the sudden dump we had this weekend. Glad i am still mostly on the sidelines here :).
Long story short, also not sure what it will do, the ABC i mentioned weeks ago (drop to 55/60K), could have finished already with that dump this weekend, but could still see another leg down, just dont know here. Think for the bulls though, we need to see a break of this red zone, so 67.5/78K, preferably a 4H close even above. Only then will i think bulls are in favour, until then i just dont know, but do think bears are slightly in favour.
Must say, alts got hit pretty hard again even though BTC is still so close to the ATH. Glad i sold a big chunck a month ago when i called for a correction at the 73K. See most alts are down 50/70% even, honestly dont know what to think of that big weakness, didnt expect that to be honest.
Problem past 4/5 days is the stock market. Where BTC showed some independent movements past months, with exception of some days here and there. But the past week or so, it seems the BTC market is very nervous and dumps as soon as stock market goes down. With intrest rates going up a lot past days, stock marken being close to the ATH, could mean extra pressure from that side as well. So outlook for coming days/weeks isn't great.
Bigger picture, is still the same for me, still think we should see another move up eventually. My level i really do not want to see get broken, is around 55K. It could also be up to 51/52K, not easy to say. But i do know, if it gets below 58/57K, I will already get very nervous about the longer term bullish view. If the 55k breaks (not talking about a wick), i will prob start to believe the bull market is already done. Until then, i will remain bullish in general.
Long story short, also not sure what it will do, the ABC i mentioned weeks ago (drop to 55/60K), could have finished already with that dump this weekend, but could still see another leg down, just dont know here. Think for the bulls though, we need to see a break of this red zone, so 67.5/78K, preferably a 4H close even above. Only then will i think bulls are in favour, until then i just dont know, but do think bears are slightly in favour.
Must say, alts got hit pretty hard again even though BTC is still so close to the ATH. Glad i sold a big chunck a month ago when i called for a correction at the 73K. See most alts are down 50/70% even, honestly dont know what to think of that big weakness, didnt expect that to be honest.
Problem past 4/5 days is the stock market. Where BTC showed some independent movements past months, with exception of some days here and there. But the past week or so, it seems the BTC market is very nervous and dumps as soon as stock market goes down. With intrest rates going up a lot past days, stock marken being close to the ATH, could mean extra pressure from that side as well. So outlook for coming days/weeks isn't great.
Bigger picture, is still the same for me, still think we should see another move up eventually. My level i really do not want to see get broken, is around 55K. It could also be up to 51/52K, not easy to say. But i do know, if it gets below 58/57K, I will already get very nervous about the longer term bullish view. If the 55k breaks (not talking about a wick), i will prob start to believe the bull market is already done. Until then, i will remain bullish in general.
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