In my opinion we are forming an extended right shoulder on the weekly
1 Scenario: It's expected to see an impulse to 107-112k area but I wouldn't buy spot/long btc in here under any circumstance.
Based on weekly RSI, we might top somewhere there, or sooner
2 Scenario: We don't go above 100k and start a sudden move down, as SPX just retested it's previous highs and a retrace is expected as well.
Regarding Altcoins, if btc goes above 115k, it's worth the risk with proper management but not sooner, or you risk being the exit liquidity in a very big downward move.
Or, btc retraces to sub 80k and we have one more leg left of 20-30% on alts before doom
1 Scenario: It's expected to see an impulse to 107-112k area but I wouldn't buy spot/long btc in here under any circumstance.
Based on weekly RSI, we might top somewhere there, or sooner
2 Scenario: We don't go above 100k and start a sudden move down, as SPX just retested it's previous highs and a retrace is expected as well.
Regarding Altcoins, if btc goes above 115k, it's worth the risk with proper management but not sooner, or you risk being the exit liquidity in a very big downward move.
Or, btc retraces to sub 80k and we have one more leg left of 20-30% on alts before doom
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.