Nothing fundamentally changed around the bigger picture
This is overbought AF on the daily RSI, more than ANY point in 2022, and its still just a lower high compared to november. Just this aspect only already tells me this is not a new bullmarket.
Everyone has suddenly turned bullish because of this rally. Claiming the bottom is in, bull market is back, 50k incoming etc. But i think those people don't even know what drives a bullmarket.
A bullmarket can take place because of good economic circumstances where institutions and retail have lots of money to flood into the markets. this is not the case at this moment or in the next few months because of recession.
This rally is mostly caused by a big short squeeze. BTC broke the large downtrend but the S&P 500 did not! and as long as the S&P 500 stays in a bear market and prints new lows, BTC will not have a bull market.
Also with high interest rates, high risk investments like crypto can not blossom into a bullmarket because saving and other investments get more attractive in terms of risk:reward
This is not trading advice because who knows how high this short squeeze will go? but it is advice to NOT FOMO in your savings for long term. Most likely there will be a lower bottom the next months.
Everyone has suddenly turned bullish because of this rally. Claiming the bottom is in, bull market is back, 50k incoming etc. But i think those people don't even know what drives a bullmarket.
A bullmarket can take place because of good economic circumstances where institutions and retail have lots of money to flood into the markets. this is not the case at this moment or in the next few months because of recession.
This rally is mostly caused by a big short squeeze. BTC broke the large downtrend but the S&P 500 did not! and as long as the S&P 500 stays in a bear market and prints new lows, BTC will not have a bull market.
Also with high interest rates, high risk investments like crypto can not blossom into a bullmarket because saving and other investments get more attractive in terms of risk:reward
This is not trading advice because who knows how high this short squeeze will go? but it is advice to NOT FOMO in your savings for long term. Most likely there will be a lower bottom the next months.
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