Bitcoin zoom out and be cautious. Trade safely and wisely.
Bitcoin is stuck in a very tight range and the tops only continue to get lower. Be cautious with the markets as a whole and realize that Bitcoin and crypto have not yet decoupled from the broader markets especially the general idea of them chasing the SPX, Nasdaq etc.
I think we could get a relief rally as we open this week after closing out last week oversold. If we get a rally Bitcoin should have no issues finally breaking back into the 20k range pushing up into the 20.5k and maybe all the way up to the 21.8k. However, without a new narrative from the fed, or globally something like a pause in war or some other sort of actual good news i really don't see it breaking the 21.8k range with any closing bodies of any candles.
These higher levels reached IMO would open up really good opportunities for a SHORT all the way back down to 19k min.
If the markets crash tom. at open i would expect Bitcoin to end up finally having an opportunity to show us if the 17.5k is truly the BOTTOM and it can find support.
I do agree there is a good argument for Bitcoin not having as much sell pressure ever again as it did when it hit the 17.5k as it coincided with the crash of Celsius and #ac etc. However, I would also like to note that the selloff did not yet see the stock market drop below 3500 and if we nuke the entire market down to 3200-3400 that will be a whole other test. Then even worse off if we lose 3300 in the SPY,SPX,SP500 and end up below 3290 something like 2800-3150 I would sadly expect Bitcoin to follow unless that becomes the fi9nal straw and we decouple and crypto finally says they are already fully sold off and it's just over inflated equities and housing and credit markets that need to finish crashing. Until that time comes and we get validation of it, EXPECT crypto and Bitcoin to FOLLOW.
I think we could get a relief rally as we open this week after closing out last week oversold. If we get a rally Bitcoin should have no issues finally breaking back into the 20k range pushing up into the 20.5k and maybe all the way up to the 21.8k. However, without a new narrative from the fed, or globally something like a pause in war or some other sort of actual good news i really don't see it breaking the 21.8k range with any closing bodies of any candles.
These higher levels reached IMO would open up really good opportunities for a SHORT all the way back down to 19k min.
If the markets crash tom. at open i would expect Bitcoin to end up finally having an opportunity to show us if the 17.5k is truly the BOTTOM and it can find support.
I do agree there is a good argument for Bitcoin not having as much sell pressure ever again as it did when it hit the 17.5k as it coincided with the crash of Celsius and #ac etc. However, I would also like to note that the selloff did not yet see the stock market drop below 3500 and if we nuke the entire market down to 3200-3400 that will be a whole other test. Then even worse off if we lose 3300 in the SPY,SPX,SP500 and end up below 3290 something like 2800-3150 I would sadly expect Bitcoin to follow unless that becomes the fi9nal straw and we decouple and crypto finally says they are already fully sold off and it's just over inflated equities and housing and credit markets that need to finish crashing. Until that time comes and we get validation of it, EXPECT crypto and Bitcoin to FOLLOW.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.