Two things happened this week that changed how I'm thinking.
Bitcoin's failed breakout above $83,000 is looking increasingly like a bear market signal.
This is significant because BTC is currently trading at $73,157.73, which is below the high of $73,949.22 it reached earlier.
I'm watching the $72,582.82 low to see if it holds as a support level.
The fact that BTC underperformed high-flying AI and semiconductor stocks, while the S&P 500 and Nasdaq futures notch gains and approach all-time highs, has me feeling cautious about the market.
ETH is also up only 0.92% at $2,000.36, which isn't very promising.
I'm taking a bearish stance on BTC, with a potential entry zone below $72,582.82, a stop-loss at $70,000, and a take-profit at $68,000.
I'm keeping an eye on other altcoins like SOL, which is up 0.83% at $81.45, and XRP, which is up 0.55% at $1.3030.
Overall, I'm feeling bearish about the market, and I think it's time to be cautious.
#bitcoin #ethereum #cryptomarket #bearish 🐻💸