Patience is a virtue more valuable than ever in the crypto market. Price recently broke above the downtrend line, but this doesn't look like the kind of "breakout" you want to buy. Low volume and strong selling pressure (notably 4x shorts) around $50k lead me to believe price will remain in this macro consolidation pattern for now, and will need to test lower before any impulse higher:
Price has followed this fractal closely, and I expect that to continue in the short term as we retrace toward a retest of the downtrend line (which is likely to occur near the intersection of the three trendlines). That's the first potential bounce zone where I might consider buying.
I still think the most likely scenario is a retest of support near the local low (lower 40s) before price can push higher, so my money is on Buy Zone 2.
I'll be looking to buy alts here rather than BTC, because the alt market appears to be preparing for a big push.
Price has followed this fractal closely, and I expect that to continue in the short term as we retrace toward a retest of the downtrend line (which is likely to occur near the intersection of the three trendlines). That's the first potential bounce zone where I might consider buying.
I still think the most likely scenario is a retest of support near the local low (lower 40s) before price can push higher, so my money is on Buy Zone 2.
I'll be looking to buy alts here rather than BTC, because the alt market appears to be preparing for a big push.
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It's also important to note that the downtrend was actually confirmed on the weekly, as more evidence that price will likely retrace lower before pushing higher:
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Sellers looking a bit sleepy, but my money is still on a retest of the $42k area. Could go either way though for sure.
