Hey everyone, let me give you a quick update:
We're currently seeing a lot of weakness in equity markets and especially in crypto. Inflation seems to be more persistent than initially thought and the Dollar Strength Index is rising heavily. Investors are getting more risk averse which means they're investing less into stocks, especially growth stocks (mostly tech) and subsequently less into one of the markets with the highest risk: crypto.
Earlier today we got a nice bounce from 40.7k but failed to move above 42.5k. We're currently on the 6th retest of the support zone which can be considered bad as supports (as well as resistances) tend to break when they're being tested repeatedly.
It's still possible that we miraculously break upwards, but statistically seen we're more likely headed downwards.
Neither would be bad because we can either just buy back higher on confirmation or buy when there's blood on the streets
I've repeatedly been asked to provide more updates and I'll try to do so.
P.S. I still believe this cycle isn't over yet and we'll see new ATHs accros the board during the next few months. Until then the motto is to survive.