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I am bearish on BTC & Alts
So it was extremely risky to keep 40k further, taking into account that BTC had a growth starting from December 11 (28 days) by $ 24.000, at $850 per day.
What do we see on the chart?
- Buyers failed to break through the important resistance of 42k and did not secure 40k.
- Broke down the 47 RSI level on the 4h timeframe, which has been a strong support since the bull run ($ 17,500), see chart.
- Hooked on the local bullish trend line at $ 34,000.
- MA100 stopped massive sales at night, maybe temporarily.
It's too early to draw conclusions, but a lot is becoming clear:
- The market cap went into a deep correction.
- You need to wait for the close of the daily (D1) and look at the 4h candles.
- It's still risky to pick up alts for long now.
- Trade wisely and do not impose your expectations on the chart.
Market sentiment > Cryptoquant according to its data shows that peak sales of Bitcoin by miners have begun. Last week, a large whale closed $1.4 million long of air on Bitfinex. The alts are weak at the moment.
BTC had a growth starting from December 11 (28 days) by $ 24.000, at $850 per day.What do we see on the chart?
- Buyers failed to break through the important resistance of 42k and did not secure 40k.
- Broke down the 47 RSI level on the 4h timeframe, which has been a strong support since the bull run ($ 17,500), see chart.
- Hooked on the local bullish trend line at $ 34,000.
- MA100 stopped massive sales at night, maybe temporarily.
It's too early to draw conclusions, but a lot is becoming clear:
- The market cap went into a deep correction.
- You need to wait for the close of the daily (D1) and look at the 4h candles.
- It's still risky to pick up alts for long now.
- Trade wisely and do not impose your expectations on the chart.
Market sentiment > Cryptoquant according to its data shows that peak sales of Bitcoin by miners have begun. Last week, a large whale closed $1.4 million long of air on Bitfinex. The alts are weak at the moment.
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