Macro timeframes are looking really bad. But they don't necessarily imply yet a bear market. There is good case for a macro trading range in development.
We broke bellow the Quarterly Open from October and we are currently trading bellow the Yearly open currently sitting at support between the 40 and 42 range.
There is good chance we bounce to retest the yearly open and max extended toward the 48-50k which seems to be building some resistance. I think after that we can see lower targets in the 37-35 range. That is zone that I will certainly buy spot.
As I explain in the video I don't like how we are trading at these levels specially with some data still showing bearish signs and the fact that volumes are still not that significant.
On top of that we have the altcoin market incredibly overvalued. All the nonsense need to be unwinded somewhat and Bitcoin drop can help ti flush the system.
We broke bellow the Quarterly Open from October and we are currently trading bellow the Yearly open currently sitting at support between the 40 and 42 range.
There is good chance we bounce to retest the yearly open and max extended toward the 48-50k which seems to be building some resistance. I think after that we can see lower targets in the 37-35 range. That is zone that I will certainly buy spot.
As I explain in the video I don't like how we are trading at these levels specially with some data still showing bearish signs and the fact that volumes are still not that significant.
On top of that we have the altcoin market incredibly overvalued. All the nonsense need to be unwinded somewhat and Bitcoin drop can help ti flush the system.
D7R
