BTC/USD - Not the time to take risky bets. Wait. 🧐
Bitcoin like all the market today continues to explore lower levels. We are halfway towards our first relevant support for BTC. For this reason, even if some altcoin are at support, they are unlikely to hold or reverse until BTC finds support. You can't go against the King.
Once BTC hits support there is a good chance we will get at least a decent bounce back to 43k. Then we need to reassess.
For now, buying this support line may provide a good entry for a short term play as we will be quite oversold by that time and I'd expect a nice pump before any resumption of the downtrend.
If we break our support, then we're due to re-test 30k which would be a bit surprising as my bias remains bullish long term and going to 30k is not what bulls expect.
I also think we're in a no trading zone right now for most alts including ETH. Price can go either way and shorting here is a poor risk/reward as is going long... best to wait and see what papa Bitcoin does first then take a position with a better risk/reward ratio.
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Once BTC hits support there is a good chance we will get at least a decent bounce back to 43k. Then we need to reassess.
For now, buying this support line may provide a good entry for a short term play as we will be quite oversold by that time and I'd expect a nice pump before any resumption of the downtrend.
If we break our support, then we're due to re-test 30k which would be a bit surprising as my bias remains bullish long term and going to 30k is not what bulls expect.
I also think we're in a no trading zone right now for most alts including ETH. Price can go either way and shorting here is a poor risk/reward as is going long... best to wait and see what papa Bitcoin does first then take a position with a better risk/reward ratio.
Like and follow if you liked this idea!
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