BTCUSD - I see two scenarios from here
1) We may just cruise on down to ~30K rather sharpish from here, then get a bounce. That's when I'd reevaluate things. A nice bounce would provide enough bull market hopium for the market makers to sell into for the next major leg down to about 20K.
2) We may just get a bounce from here, but it would likely have the same result as above. Best case scenario is that it ends up drawing a big head and shoulders (right shoulder topping out at about 53K), then we'd have a severe dump from there.
We just broke a major, long-term trend line (with authority), so I'm pretty confidently calling this a bear market, unless things turn around in a seriously meaningful way. I'm always happy to change my thinking with changes in the market, but I have no reason to do that yet.
It would honestly take quite a lot for me to turn bullish on crypto at this point. The Bitcoin inverse ETF I bought a while back (BITI... I'm in Canada) is now up 50% from where I bought it, as of today.
Good luck, and trade safely.
2) We may just get a bounce from here, but it would likely have the same result as above. Best case scenario is that it ends up drawing a big head and shoulders (right shoulder topping out at about 53K), then we'd have a severe dump from there.
We just broke a major, long-term trend line (with authority), so I'm pretty confidently calling this a bear market, unless things turn around in a seriously meaningful way. I'm always happy to change my thinking with changes in the market, but I have no reason to do that yet.
It would honestly take quite a lot for me to turn bullish on crypto at this point. The Bitcoin inverse ETF I bought a while back (BITI... I'm in Canada) is now up 50% from where I bought it, as of today.
Good luck, and trade safely.
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