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BTCRebound90kNext?
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$BTC (Detail View) People think BTC crashed from 126k to 80k and given the whole rally from 75k because they donāt understand the structure or the cycle. The real bullish rally started at 16k, zoom out to the weekly and youāll see this is nothing more than a retracement within a massive uptrend. Iām still not convinced this retracement is completed yet. Weāre likely to stay in a broader selling structure and correction phase for a while. Even a deeper retracement toward 50k (or slightly below) is structurally normal, NOT saying that it will happen, but a reality check for those screaming BTC is going to zero. Long-term (monthly), Iām ultra bullish on Bitcoin. Mid-term (weekly), Iām not bullish at all, especially with BTCās 14 year correlation to Nasdaq, and stocks clearly not done correcting yet. As a spot trader in crypto, even if I wanted to buy so will be doing a reverse psychological plays till we end the accumulation phase. For the ones who short the market, it's best for them to follow the trend until it ends and until you proven wrong, look for sell opportunities on confirmation from mean reversions or zag points, I marked some on the charts, for spot traders like me, we can just play level to level for buys, once we reclaim and hold above 93k. Two steps up, one step down. And the ādownā is not finished yet. #BTCRebound90kNext?
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