In the Chart I identified the key levels that indicate the price levels at which most of the trades took place (Points of Control) and that we will need to monitor.
Even my target of 38k-40k for a down movement was broken and those who expected a V-shaped recovery after the 30k is having tough times. Indeed, we all know we are in a bull run, we all know that the target for BTC is well above the high at 64k, but if it was that easy, everybody would be millionaire. What we are witnessing is the close of the yearly cycle started in March 2020. Therefore some volatility was expected, as as usually happens it was even exacerbated by Stop Losses squeeze, Fud news, and hypereaction of human psychology.
This is why the market overreacted, FUD news came out and even the fear that the top was already reached for this cycle is crossing the minds of many.
Can It be possible? Of course yes.
Do I believe it is the case. No.
Indeed, it is true that some indicators show that 64k was a top and some others do not, however the shape of the price action at 60k for few months is actually incompatible with the one experienced by previous cycles ATH. No sharp chart, no FOMO.
I expect frustrating weeks will be a little bit frustrating, with a new attempt to test 30k to find its minimum. Also because the Dominance is still very low and I believe altcoins will suffer again vs BTC.
41k is a key level that indicates we are out of this bearish , as it indicates the 200 MA and the previous January top. Until then, I will simply buy the dips to increment my positions waiting for the new yearly cycle and ATH.
Even my target of 38k-40k for a down movement was broken and those who expected a V-shaped recovery after the 30k is having tough times. Indeed, we all know we are in a bull run, we all know that the target for BTC is well above the high at 64k, but if it was that easy, everybody would be millionaire. What we are witnessing is the close of the yearly cycle started in March 2020. Therefore some volatility was expected, as as usually happens it was even exacerbated by Stop Losses squeeze, Fud news, and hypereaction of human psychology.
This is why the market overreacted, FUD news came out and even the fear that the top was already reached for this cycle is crossing the minds of many.
Can It be possible? Of course yes.
Do I believe it is the case. No.
Indeed, it is true that some indicators show that 64k was a top and some others do not, however the shape of the price action at 60k for few months is actually incompatible with the one experienced by previous cycles ATH. No sharp chart, no FOMO.
I expect frustrating weeks will be a little bit frustrating, with a new attempt to test 30k to find its minimum. Also because the Dominance is still very low and I believe altcoins will suffer again vs BTC.
41k is a key level that indicates we are out of this bearish , as it indicates the 200 MA and the previous January top. Until then, I will simply buy the dips to increment my positions waiting for the new yearly cycle and ATH.
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