Expecting price to retest lower 30s before major bull rally
Last April I published a simple breakdown of the BTC bear market reversal structure:
Given this structure, I'm expecting a local top to form around $49-50k where margin buying pressure is likely to subside, followed by a sharp dip to retest the prior support/resistance in the low to mid 30k range. After that, bulls will be off to the races for a major run.
(1) I wouldn't FOMO buy anything here
(2) Wise swing traders will be short
(3) A flash crash or sharp dip for for BTC could provide one last buying opportunity for alts.
Given this structure, I'm expecting a local top to form around $49-50k where margin buying pressure is likely to subside, followed by a sharp dip to retest the prior support/resistance in the low to mid 30k range. After that, bulls will be off to the races for a major run.
(1) I wouldn't FOMO buy anything here
(2) Wise swing traders will be short
(3) A flash crash or sharp dip for for BTC could provide one last buying opportunity for alts.
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