Do not be afraid, do not be greedy, be cautious.
BTC has had a significant drop causing panic as many altcoins have also decreased.
Currently, BTC is still in an upward trend.
When the price returned to test the HMH line and there was strong buying pressure from below, it created an unsuccessful breakout. That is the current situation.
But looking back at the recent past when the price reached an important level of 107k-108k (fibo 0.5) and also the Fib 0.618 of MPF, the price reversed. The price even returned to M-ML for testing but was still pushed down with very strong selling pressure.
So with the larger timeframe W/D, BTC is in an upward trend.
With a smaller timeframe like H4, the price has broken the MPF so it will be hard to say that the price will continue to rise in the short term.
Points to consider here:
1. If the price returns to test the large PF (D timeframe) and breaks the HMH to enter the PF ath, there is a high chance the price will continue to drop (<97k).
2. If the price continues to rise and breaks the M-LMH line, there will be an opportunity for the price to increase and altcoins to be safe. (>102k)
3. The price does not break up or down but will sideway within a small range of 97-101k.
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Conclusion: at this moment, I still prioritize that the price will increase, I placed a long order for my friend early this morning at 97k when the candle signaled an unsuccessful breakout. The target is 102k.
The advice is not to enter positions at this time; if anyone hasn't long/shorted, they shouldn't enter now. When exiting altcoin positions, wait to see how the price reacts when it reaches important resistance/support levels. This is the time to sit still and do other things.
