Ps this is log scale. My trendlines are skewed.
All alts folow btc , who folows sp500.
With the Fed ready to increase interest rates, both sp and btc will suffer even more. This week we saw a bear and a bulltrap, and its trading sideways waiting to hit upper trendline and decide where to go.
Seeing we didnt get a big bounce to 40k to show bull power, we didnt see big buying volume either, this means bulls are waiting lower. 28k - 20k. Bears still in control. So no signs of reversal yet, instead another dip and maybe a big capitulation comming wich will push out all the last retail paper hands. I hope 28k holds, but we might see a quick drop to 20k and quick up, for institutions to buy big amounts.
I expect this weekend, when both btc and kda hit there trendline, to dip to next suport of 28k, wich means kda who has no strong suport untill 2,25$, will drop to 2$, rsi going further down to 20% in the daily.
From there we will be weeks in the 1,5$ to 2$ range. Rsi is so low, it will take lots of time to get rsi back above 40
and see a upward move. Its not going to be quick down and up. This is not a correction, but a full bear market. We dropped 95$ if we go to 1,4$. With retail wrecked, much crypto fud, pow ban (kda is pow), even if im a huge kda fan !! Right now its looking bad
Bear market = no volatility = It will take till q2 at least before we slowly will grind our way up.
My acc is down 65%, wich sucks, but 3x is all it needs. Im dca back in every dip under 2$. Lets hope, after the summer we can get back to 6$ and new ath by 2023
All alts folow btc , who folows sp500.
With the Fed ready to increase interest rates, both sp and btc will suffer even more. This week we saw a bear and a bulltrap, and its trading sideways waiting to hit upper trendline and decide where to go.
Seeing we didnt get a big bounce to 40k to show bull power, we didnt see big buying volume either, this means bulls are waiting lower. 28k - 20k. Bears still in control. So no signs of reversal yet, instead another dip and maybe a big capitulation comming wich will push out all the last retail paper hands. I hope 28k holds, but we might see a quick drop to 20k and quick up, for institutions to buy big amounts.
I expect this weekend, when both btc and kda hit there trendline, to dip to next suport of 28k, wich means kda who has no strong suport untill 2,25$, will drop to 2$, rsi going further down to 20% in the daily.
From there we will be weeks in the 1,5$ to 2$ range. Rsi is so low, it will take lots of time to get rsi back above 40
and see a upward move. Its not going to be quick down and up. This is not a correction, but a full bear market. We dropped 95$ if we go to 1,4$. With retail wrecked, much crypto fud, pow ban (kda is pow), even if im a huge kda fan !! Right now its looking bad
Bear market = no volatility = It will take till q2 at least before we slowly will grind our way up.
My acc is down 65%, wich sucks, but 3x is all it needs. Im dca back in every dip under 2$. Lets hope, after the summer we can get back to 6$ and new ath by 2023
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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.