How many times can we poke support of this upward channel until we collapse a leg lower? There's a head and shoulder within this channel as well. I think the crypto market is becoming irrational. While the DXY has hit some resistance, why would the dollar continue to lose value in the macro picture if the fed is taking drastic monetary measures to reduce inflation? Unless we decouple entirely from the rest of the market's risk-on assets, I don't see the bull run back on. I keep seeing "altcoin rally" on Twitter , and I believe this is a result of confirmation bias and allowing emotion to take precedence in how we analyze the market. I'm currently laddering in buy orders on BTC , because I plan to hold onto BTC indefinitely. I think it's entirely irrational to start speculating on alts in the short term right now though. I personally wouldn't put in any orders until we have a confirmation of a reversal on the larger time frames.
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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.