ZERO HOUR - Decision Time For the Whole Month
Taking a Look at the overall market capitalization for crypto - It looks like there's a couple of interesting things happening.
First a Bullish ABCD , this is good. Second is an upward wedge which we are currently retesting the bottom of - also good though our overall position in the wedge could be more ideal.
The wedge we're in ends in the next 2 days - meaning we're likely to see a big move from the market one way or the other soon.
There are two potential scenarios the way I see it - Either breakout now or break down to give us further capitulation, a third bear trap, and then more upside coming into August.
I know... it'll go up or it'll go down seems like a cop out don't it? But let's be real everything is pretty knifes edge right now. Despite BTC becoming accepted as currency official in a fairly obscure country in the grand scheme on things - we've yet to see any bullish buying return.
On chain metrics are showing a lot of accumulation at this level so I believe that even if we do see a break down we will not break this range overall - but it will be a frustrating month for most to be sure.
BEST COURSE OF ACTION? Take what you can get right now but don't get too stuck in until we get a confirmed direction. Alts haven't been showing as much capitulation as BTC over the past few days with DEFI and NFT sectors largely blowing up - pointing to a shifting in the overall intelligence of the market into stuff that they can actually use for stuff versus stuff that they just saw on the news.
First a Bullish ABCD , this is good. Second is an upward wedge which we are currently retesting the bottom of - also good though our overall position in the wedge could be more ideal.
The wedge we're in ends in the next 2 days - meaning we're likely to see a big move from the market one way or the other soon.
There are two potential scenarios the way I see it - Either breakout now or break down to give us further capitulation, a third bear trap, and then more upside coming into August.
I know... it'll go up or it'll go down seems like a cop out don't it? But let's be real everything is pretty knifes edge right now. Despite BTC becoming accepted as currency official in a fairly obscure country in the grand scheme on things - we've yet to see any bullish buying return.
On chain metrics are showing a lot of accumulation at this level so I believe that even if we do see a break down we will not break this range overall - but it will be a frustrating month for most to be sure.
BEST COURSE OF ACTION? Take what you can get right now but don't get too stuck in until we get a confirmed direction. Alts haven't been showing as much capitulation as BTC over the past few days with DEFI and NFT sectors largely blowing up - pointing to a shifting in the overall intelligence of the market into stuff that they can actually use for stuff versus stuff that they just saw on the news.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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