Crypto market moment of truth?!
Hate to be so dramatic but we may be at the "make it or break it" junction with crypto.
A breakdown here sub trendline support may take us quickly to BTC $28k-$30k range. IMO that would be tough to reverse out of anytime soon (in terms of more rally and new ATHs).
Daily MACD showing likely signs of correction coming. Daily RSI has turned south and appears to be heading back to potentially near oversold levels as well.
Seeing as BTC is now so incredibly tied to the VIX (during weekdays) I get the impression that we may see uncertainty (selling off) into and through the weekend into next week.
But honestly, given the pump we just got off of $33K I'm leaning bullish. Maybe a retest of $40K, a plunge below for a day or two, is in the cards soon, then, the big rally comes as we truly "return to normal" as the world drops COVID restrictions en masse and a number of industries return to normal.
Gotta be ready to be wrong though, stay nimble (unless you're perma-bull or bear), and manage risk....
A breakdown here sub trendline support may take us quickly to BTC $28k-$30k range. IMO that would be tough to reverse out of anytime soon (in terms of more rally and new ATHs).
Daily MACD showing likely signs of correction coming. Daily RSI has turned south and appears to be heading back to potentially near oversold levels as well.
Seeing as BTC is now so incredibly tied to the VIX (during weekdays) I get the impression that we may see uncertainty (selling off) into and through the weekend into next week.
But honestly, given the pump we just got off of $33K I'm leaning bullish. Maybe a retest of $40K, a plunge below for a day or two, is in the cards soon, then, the big rally comes as we truly "return to normal" as the world drops COVID restrictions en masse and a number of industries return to normal.
Gotta be ready to be wrong though, stay nimble (unless you're perma-bull or bear), and manage risk....