Welcome to this quick Update, everyone.
If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way.
I also post altcoin setups on Spot, Margin, and Futures.
First of all I don't intend to scare or confuse you with this chart.
Neither want to portray a 2 arrow chart on up and down.
No matter where the price goes the author becomes right eventually.
Not that CRAP, What's really important here is to face the reality.
When the market dumps all those OGs and Moon boys won't post anything at all and you are left helpless because you bought the top because of their shilling! Don't do that please...
Bullish Scenario: Currently we are trading above:-
21D MA $44843
50DMA:- $46628
200D MA :- $45143
If We maintain these levels and break and close above the 52.5K LEVEL new ATH possible.
BUT BEARISH SCENARIO?
I know it sounds scary and some people might come up with hate comments too.
But all I want is, to aware you.
You can also see everyone is bullish now, calling for 70k and even 100k.
Which is exactly what I want too but do we have that fuel in the market?
Declining volume, no much buying from the whales (ON CHAIN DATA)
This looks fishy to me. We have been making lower highs and lower lows since April 14th 2021 making a high of $64,986.
Either we can pump from here all the way to 49k to 52k leaving a wick and dump right back to 31k. They could come up with any news, CHINA banning miners again, banning crypto trading again and what not
"Be fearful when everyone is greedy"
This quotation helped to save a lot of money in the last cycle after I got wrecked in 2017-2018 bull market because we always want more and lost everything I made in 3 years. JUST BECAUSE I DIDN'T TAKE PRECAUTIONS.
The market looks bullish for altcoins but once BTC behaves unexpectedly all those gains you made these days will be gone in minutes.
You see? There are a lot of IFs and BUTs, so better not take risks when things are uncertain.
NOOB QUESTION:- Alright Cryptorphic I get it and i am tired of reading your long post, What to do now?
1. Stay mostly in USDT/USDC
2. Take short term trades/scalping and close in Profits
3. Avoid overnight holding, if. you do never ever sleep without SL.
I know you are scared it might hit your SL and pump to the moon and you loose few bucks but what if it breaks the whole support and dumps -20%+?
So be careful.
4. Avoid holding alts in BTC pairs BTC.D is bouncing, I am not holding much ALTCOINS in BTC pair, this could be risky as of now.
END NOTE:- UNLESS BITCOIN CLOSES ABOVE 52.5K IN WEEKLY WITH GOOD VOLUME EVERY MOVE IS A TRAP.
MY AIM IS TO KEEP MY FOLLOWERS ALWAYS LEVEL HEADED!
ALWAYS! No matter what happens we always maintain proper Risk management.
The only toll which will confirm your sustainable career in this nasty crypto world.
If there is any update or change in the trend, I will let you know beforehand.
FOLLOW ME and Share this chart with your crypto friends and other communities.
You might save someone from getting rekt.
Sorry for the long post.
I hope you got the point.
Do appreciate with your likes and comments.
It motivates me to work more.
Thank you so much guys for your consistent support.
Thank you
#PEACE