I'd wait. I think it's going lower...maybe 23-24K, possibly even into the high teens. Depends how badly the stock market dumps eventually and how strong the US Dollar Index keeps chugging along to decade highs...
Partially...record number of short term holders are in losses and they are driving the selling...all those people who bought around 40K and higher are panic dumping
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I feel sorry for them. One of my friends completely rejects using traditional investments, but sunk his 30k into crypto and did the usual crowing about how clever he was. I doubt he’s got half of it now.
The really challenging thing is how CPI is rocketing away but crypto is tanking.
I feel sorry for them. One of my friends completely rejects using traditional investments, but sunk his 30k into crypto and did the usual crowing about how clever he was. I doubt he’s got half of it now.
So are metals and just about everything else, more has to do with dollar strength and economic climate. Majority of retail in crypto going to learn some tough lessons though. All but a handful are vaporware or a complete scam
This is when it's dangerous Net.Sheep spook at the smallest of signs. But it's the Net.Sheep (those who don't know WTF they're doing and following trendy things) that smart people in the market fleece for profits, so they're needed.
The really challenging thing is how CPI is rocketing away but crypto is tanking.
I feel sorry for them. One of my friends completely rejects using traditional investments, but sunk his 30k into crypto and did the usual crowing about how clever he was. I doubt he’s got half of it now.
The anti crypto crowd is funny, they seem so passionate about it. There really aren't too many places to hide right now besides sitting in cash and being patient. I have been building up a large cash position for a while waiting for the wheels to fall off. In 2008 I wasn't in a position to take advantage of all the distressed assets, not going to let that happen this time.
The weekly chart tells the story pretty well I think.
We have a bigger falling wedge with a bearish pennant inside it. This makes sense for a few reasons...first, the falling wedge is ultimately a bullish pattern, meaning once it breaks there will be a massive run up. However there needs to be at least two lower trend line touches, which is where the bearish pennant comes into play. I'm expecting it to break down which will lead to the second lower trendline touch and then sideways action before breaking out of the larger falling wedge formation. This would coincide with a slow summer period with price dropping to the mid 20K range and then slowly consolidating there before breaking out bullishly potentially in late summer or fall.
The "M" formation on the monthly chart is invalidated as the legs of the "M" go straight up or down(like the upward leg does) and it's been going sideways for 3 months now.
There can be more than 2 lower trendline touches so there is a chance it could fall lower than the mid 20Ks, but I would not expect much lower.
Just what I am seeing when I look at the charts, no guarantee this will play out, patterns don't have 100% accuracy rates, this is just the most likely scenario based on what is presented on the charts as I am looking at it more closely now on the weekly timeframe.
I'd wait. I think it's going lower...maybe 23-24K, possibly even into the high teens. Depends how badly the stock market dumps eventually and how strong the US Dollar Index keeps chugging along to decade highs...
I get ****ed everytime I try to time the bottom. Instead, I keep DCAing & i ape in on big dips. Any 19-20k I will ape in hard. I acknowledge that I can't get the bottom BUT I take any btc under 30k a huge W. Everything is on discount. I'm staying the F away from alts and meme coins. The only exception is anything with a five totem year time line.
