Crypto market and my personal concerns

17 ม.ค.

As of the current moment, I do not have any active trades in the cryptocurrency market.
I have closed all of my long positions, though I have not yet transitioned to short positions—at least not as of now.

The purpose of this post is to address some specific concerns:

First and foremost, considering common sense factors:

- The overall sentiment in the cryptocurrency market is undeniably bullish.
- Technically, the majority of charts exhibit a bullish trend.
- Fundamentally, various factors such as ETF, halving on BTC, and the US Election contribute to a positive outlook.
- The prevailing sentiment across the internet strongly indicates the possibility of a new bull run.
However, I find it disconcerting when everything appears too clear-cut.

Secondly, from a technical standpoint:

1. Contrary to the overall bullish sentiment, the past month has not been favorable, with weekly candles showing long upper tails.
2. The 1.7-1.8 level holds historical significance as an old liquidity and support level, now acting as resistance.
3. Observing the pattern since October 2022 reveals the formation of an ascending broadening wedge, typically indicative of a reversal pattern.

In light of these observations, it is essential to exercise caution and not FOMO, at least from my perspective.