Market Meltdown: Crypto Joins Stock Market Plunge

Going back to $BTC, there's a bearish divergence in the 4H timeframe that played out today, which could be one of the reasons why $BTC declined. Additionally, it seems to be forming a bearish expanding triangle, increasing selling pressure.

In the 1D timeframe, as our last TA indicated, we would hit the median of our range and sweep the gaps and lows, which is currently happening. $BTC has gaps from 62.3k to 58.5k, so we might see a bounce in that area. Manage your position carefully and avoid catching the knives.

Looking at the long-term movement, BTC is now retesting the support at the 50MA. As we previously mentioned, BTC did indeed go below the 200MA before climbing again. The death cross has yet to form, which is a lagging indicator. I am monitoring the price to see if it drops below the 50MA or 200MA, as this could potentially change my bias.

I closed some of my long positions but still have others open. I might consider initiating short positions once $BTC closes below the 50MA.

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