🚨 $BTC
Market Update: Don't Panic, Zoom Out! 📉
Folks, the chatter about BTC crashing from $126k to $80k misses the bigger picture: the structure and cycle of this rally.
The true bullish move started at $16k. If you zoom out to the weekly chart, this move is merely a retracement within a massive uptrend 📈.
I'm not convinced this retracement is finished yet. We are likely to remain in a broader selling and correction phase for a while.
Key Structural Points:
A deeper retracement toward $50k (or slightly below) is structurally normal. This is a reality check for those screaming "BTC to zero," NOT a prediction it will happen.
Long-term (Monthly): I remain ultra bullish on Bitcoin 🚀.
Mid-term (Weekly): I am not bullish at all. BTC's 14-year correlation to Nasdaq suggests stocks aren't done correcting, and neither is crypto.
Trading Strategy:
Spot Traders: I'm eyeing level-to-level buys, but only once we reclaim and hold above $93k 🎯. Until then, patience is key (reverse psychological play for accumulation).
Short Sellers: Continue to follow the current trend until proven wrong. Look for sell opportunities on confirmation from mean reversions or 'zag' points (as marked on charts).
Remember the rhythm: Two steps up, one step down.
The "down" is not finished yet. Keep your emotions in check!
Next Target: Will we see a #BTCRebound90kNext? #WriteToEarnUpgrade 🤔