BTC/USD - 9% drop: buy opportunity or worse to come?
BTC dropped 9% scaring bulls for a second, but really, this was a reminder that the market goes both ways and the greed we have seen lately had to be punished.
However, should we be concerned? Not at the moment. We have quickly found support at 44k and now we are bouncing off this support line. You should become concerned if we fall under 44k, don't recover and break the yellow parabola. That may indicate the Elon Musk pump was hot air and we go back to 40k.
On 4h I do not like the indicators as MACD did a bearish cross on the negative side, which seems to suggest, even in the most bullish scenario, we will range here for a while before the up-trend resumes.
However, on daily, the indicators are still very bullish so this may be just a temporary correction before we can go higher. The bears had to punish the bulls as most exchanges were over-leveraged on longs with funding rates on futures reaching 2% a day! Imagine losing 2% a day to stay long... Greedy no?
In such cases, just use spot markets and avoid this madness.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
However, should we be concerned? Not at the moment. We have quickly found support at 44k and now we are bouncing off this support line. You should become concerned if we fall under 44k, don't recover and break the yellow parabola. That may indicate the Elon Musk pump was hot air and we go back to 40k.
On 4h I do not like the indicators as MACD did a bearish cross on the negative side, which seems to suggest, even in the most bullish scenario, we will range here for a while before the up-trend resumes.
However, on daily, the indicators are still very bullish so this may be just a temporary correction before we can go higher. The bears had to punish the bulls as most exchanges were over-leveraged on longs with funding rates on futures reaching 2% a day! Imagine losing 2% a day to stay long... Greedy no?
In such cases, just use spot markets and avoid this madness.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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