CRYPTO WEEKLY #19 (2021)
Updated
The crypto market is up for a rough week with Bitcoin in a downtrend, the majority (if not all) of the market will go through pain in the coming week. It is to be seen where we can expect a temporary bottom for BTC but if we don't find one above 42K, the market is going for a correction.
Currently we already see a head and shoulders on the total market cap without BTC and its trading on support inside the wedge. When we decisively breakdown from the wedge; I believe we will test support at the 1 trillion dollar supply zone and if that doesn't hold - we go for sub trillion levels of which the red target zone is the most likely one. Buy opportunities will come once we find a local bottom...
We could see some more fake out behavior to the upside or (even better) see money move from Bitcoin to the other coins and BTC becoming less relevant in the time to come... However this will take some time. A bullish scenario for (certain) alts is definitely not excluded yet however the risk / reward ratio for the market as a whole is unsatisfactory at time of writing.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Currently we already see a head and shoulders on the total market cap without BTC and its trading on support inside the wedge. When we decisively breakdown from the wedge; I believe we will test support at the 1 trillion dollar supply zone and if that doesn't hold - we go for sub trillion levels of which the red target zone is the most likely one. Buy opportunities will come once we find a local bottom...
We could see some more fake out behavior to the upside or (even better) see money move from Bitcoin to the other coins and BTC becoming less relevant in the time to come... However this will take some time. A bullish scenario for (certain) alts is definitely not excluded yet however the risk / reward ratio for the market as a whole is unsatisfactory at time of writing.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Note
Dump round 2 is incoming: pinning highs at the moment to continue to the downside.Note
Here's a valuable insight: the coins that are dumping the most today are the ones with the most traditional institutional funding. For example: BTC, ETH and LINK to name three. These coins are the most bearish right now and given I see no future for BTC; ETH and LINK will be my picks at the bottom. Still a long way to go till the bottom though...Note
Dump round 3 out of 10 is incoming soon across the board!
Important update on Twitter on 10x Club, a weekly newsletter curated by me containing research & analytics on the crypto market & the amazing opportunities during the bear market - Check my Twitter or website link below:
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