Hi all!
So, the cryptocurrency market is now turbulent, the level of fear has already exceeded the middle, but, nevertheless, for those who read and watched our past reviews (at least the last 2-3), such a decrease should not have been a surprise for you.
If you remember, I have already spoken more than once about the global decline to the support range of $52K-55K and about the Bearish Engulfing for the 1Month TF, which they could not rewrite, unlike Ether. Now on the cue ball we see the April formation being worked out, I have also mentioned it more than once.
We don’t know how long the fall will continue, but if you look at the same 1M month, the visible support zone is $46K-48K. But
We won’t look that far for now. Within the local downward channel at 6:00, our scenario has already worked, the price reached inclined support, falling below $60K and below 200DMA 1D. Locally, in the near future, I am considering a return to the $60K area as a mirror retest of these broken levels, after which we can go sideways in the range of $53K-60K, if it does not immediately go lower to $48K after some negative news.
And now there is quite a lot of such news:
And pressure from the SEC against exchanges and macroeconomic factors, such as a possible increase in interest rates by the US Federal Reserve. This week there was a speech by Powell from the Fed, who directly spoke about the impossibility of maintaining the current level of US national debt. Such news may affect the attractiveness of cryptocurrencies in general.
In any case, we trade without panic and respect the risks. This is still just a correction, especially expected, and an excellent opportunity to buy alts or averaging positions.
You should take advantage of this while they offer good discounts)
But, in any case, do it wisely and without emotions and according to your strategy and money management.
You can also follow this link for good mining 🎁
