Recently, you may think the crypto market is recovering, especially lots of altcoins like WAN, ELF... got really beautiful pump. But don't let the happiness blind your eyes and create you sadness in the future.
Looking at the Crypto King, market number one trend leader, BTCUSD, I still not believe the healthy reverse is coming.
Looking at both 1D, it just break a very important long term support, and consolidating for nearly a week, the buy side volume still weak, FUD can be more easily generated than FOMO. It is very likely fell down to another Fib support level, $5500
Looking at the 4h chart, even though it looks like an ascending triangle, but based on the weak volume on buy side, I more prefer look it as a bear flag. Aggressive trader can go for swing trade, between $6500~ $7600.
So in one sentence, calm down, don't be too happy, I am as eager to the bull run as you, but we shall see the risk, don't let your wounded wallet die, the bull run will definitely come, but not now.
Looking at the Crypto King, market number one trend leader, BTCUSD, I still not believe the healthy reverse is coming.
Looking at both 1D, it just break a very important long term support, and consolidating for nearly a week, the buy side volume still weak, FUD can be more easily generated than FOMO. It is very likely fell down to another Fib support level, $5500
Looking at the 4h chart, even though it looks like an ascending triangle, but based on the weak volume on buy side, I more prefer look it as a bear flag. Aggressive trader can go for swing trade, between $6500~ $7600.
So in one sentence, calm down, don't be too happy, I am as eager to the bull run as you, but we shall see the risk, don't let your wounded wallet die, the bull run will definitely come, but not now.