#bitcoin #btcusd #crypto #cryptocurrency
Due to market conditions, I am going to try to provide at least a brief update to you all more regularly …pending time constraints.
Yesterday, our leader Bitcoin, crashed hard. The selling was exaggerated as the Terra Luna foundation, one of the largest BTC holders, attempted to save their stablecoin, UST, from becoming de-pegged. Our 30k price support saved us yesterday and I had hoped that fear in the market would have pinnacled at that point, however, there are still signs that more possible selling could come. Potentially, all that we are doing here is bouncing on strong support, creating a bear flag, and when complete, more selling will resume. It remains unclear at this point and extreme caution should be exercised going long on anything at this point until adequate confirmation can be had that the trend has changed.
I put out a chart a few minutes ago showing APE coin’s pattern. Many of the alts remain the same. Ape is showing us that while we may have reached a bottom, there is a possibility (maybe even probability) for further downside. Bitcoin is no different. 30k was psychological support for many, but many still remain skeptical that this is it. The target down for my H&S pattern a few months ago was 23k. That is still in the cards. We really should have seen a better bounce down here. And currently, BTC has formed a bearish candle pattern. Exercise caution. And as I said in the last post, if you find yourself panicking with these selloffs, you probably have risked too much. Take some off the table when the time is right. Crypto is volatile. You want to set your emotions aside so as to not make the wrong strategy for your particular trading style.
The current Bitcoin chart: