BitcoinCorto
BTC Macro Analysis
Posted this chart a while back: 
with the two red boxes that indicated two bearish levels if BTC broke down. In the last chart/update I said it looked like BTC was finally consolidating and going to make a move, that move was down.
I said in my last update that "I am weary of testing the $6,000 low too many times and breaking down. In the event bitcoin breaks down, it could drag alts another good 30%-40%" and so far that has proven to be accurate for most alts, especially in USD value. Ethereum in particular has dropped exactly 40% with this BTC move down.
Right now, pretty bearish overall. Market sentiment is very poor with most people calling 3k to look for the next leg down. While I think its possible we see another breakdown, I think we may actually dip below 3k and I have not been able to figure out why everyone is thinking that 3k is going to be the bottom. Looking at the chart, there is a pretty big range in the $1800-$3000 that could be tested if we end up breaking down further.
In the event of a further breakdown, which I think is probably likely, I am looking to the $1800 level to find a bottom. I do not expect to stay this low for too long if we do break down, and anticipating there will be a lot of volume stepping in at these $1800-$3000 price levels, but at the end of the day...what do I know....I'm just a Dragon.
TDLR: Bearish, looking below 3k for a bottom, alts will continue to dump with BTC
I am not a financial advisors and none of this should be considered financial advice, this is just my opinion and analysis.
I said in my last update that "I am weary of testing the $6,000 low too many times and breaking down. In the event bitcoin breaks down, it could drag alts another good 30%-40%" and so far that has proven to be accurate for most alts, especially in USD value. Ethereum in particular has dropped exactly 40% with this BTC move down.
Right now, pretty bearish overall. Market sentiment is very poor with most people calling 3k to look for the next leg down. While I think its possible we see another breakdown, I think we may actually dip below 3k and I have not been able to figure out why everyone is thinking that 3k is going to be the bottom. Looking at the chart, there is a pretty big range in the $1800-$3000 that could be tested if we end up breaking down further.
In the event of a further breakdown, which I think is probably likely, I am looking to the $1800 level to find a bottom. I do not expect to stay this low for too long if we do break down, and anticipating there will be a lot of volume stepping in at these $1800-$3000 price levels, but at the end of the day...what do I know....I'm just a Dragon.
TDLR: Bearish, looking below 3k for a bottom, alts will continue to dump with BTC
I am not a financial advisors and none of this should be considered financial advice, this is just my opinion and analysis.
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