🚨 $BTC EMERGENCY UPDATE 🚨
Despite the positive news of the #HKETF drop, the macro outlook does not look very promising on $BTC ..
As mentioned in my linked post, the monthly closing is crucial for sustaining the bullish momentum
At this moment, the closing indicates a clear engulfing bearish pattern, which is truly concerning for the upcoming month of May 🩸🩸🩸
I advise against trading on leverage during these days.
Concentrate your energy in identifying key trends for your long term bags.
Remember, if $BTC altcoins will likely follow aswell.
Be prepared 🔍
Here are the key accumulation levels I am watching 👀:
_53k ⏳ 90% possibility
_47k ⏳ 70% possibility
_44k ⏳ 40% possibility
_32k ⏳ in case of bearish news affecting crypto space.
Which key levels are you keeping an eye on? 👇
LIVEA or B ? #Bullorbear ? What is the plan? 🤔
This weekly closing is crucial for setting the next short-term trend and maintaining the bullish momentum (monthly close in aswell).
"#bitcoinhalving was just days ago, why are you not bullish bro?"
Well, the charts on TOTAL2 (Total crypto MCAP excluding $BTC ) do not look very promising..
Based on the weekly #Fibonacci levels, the trend peaked locally at 0.618 before retesting 0.5 and 0.382 levels by the books ✍️
The overall picture becomes clearer on the daily chart, where it seems a top construct has formed 👀
In order to continue the bullish uptrend in altcoins, the overall structure needs to reclaim and hold the 0.5 level.
Otherwise, many alts will bleed🩸🩸🩸
In that scenario, the macro outlook will turn really bearish 🐻
That is why I will not trade until the end of the month, always preserve your capital first.
A or B ? What is YOUR plan?
Let me know in the comments below 👇
#memecoins #Altcoinseason2024