Things certainly appear to be headed towards that worst case I suggested in the Sunday newsletter. Intraday charts are trading just below the 35k support for BTC. My remaining open 3-8 month positions are all closed at breakeven, and I’m currently flat in that regard and waiting for bullishness to present itself again to reopen.
With news and emotions driving folks’ actions is still best to wait for some level of confirmation. The daily close in 16hrs is very important. If the price can’t close above $35071 I woulnd’t be buying this dip for my long-term holds just yet as lower prices would be expected.
A weekly close below $31778 would solidify a bearish weekly trend and the risk of the downside staying in altcoins becomes much much higher. It becomes a conversation on where can you find the least amount of red. If you want to maintain positions that are bleeding then search out and open hedges in the commodity sectors that are uncorrelated from crypto. I’ve recently discussed oil in some forums and metal markets are also a viable option. Also, cotton is good during wartimes and has been proposed to be linked to the war cycle by some prominent cycle analysts.
I’m not anticipating that low weekly close but we need to be prepared for it. Global conflict has historically been the thing that forces prices away from their cycles. It is still too soon to tell though. The forecasted daily cycle I provided on Dec 31st, which has been very on point, is still projected down-trending prices until early March.
The daily close tomorrow is what I’m keeping my eye on to see what is accepted or not by the bulls and bears. I’ll post the midweek update after that close.
Still within expectations.
Still within expectations.
Still within expectations.
Things certainly appear to be headed towards that worst case I suggested in the Sunday newsletter. Intraday charts are trading just below the 35k support for BTC. My remaining open 3-8 month positions are all closed at breakeven, and I’m currently flat in that regard and waiting for bullishness to present itself again to reopen.
With news and emotions driving folks’ actions is still best to wait for some level of confirmation. The daily close in 16hrs is very important. If the price can’t close above $35071 I woulnd’t be buying this dip for my long-term holds just yet as lower prices would be expected.
A weekly close below $31778 would solidify a bearish weekly trend and the risk of the downside staying in altcoins becomes much much higher. It becomes a conversation on where can you find the least amount of red. If you want to maintain positions that are bleeding then search out and open hedges in the commodity sectors that are uncorrelated from crypto. I’ve recently discussed oil in some forums and metal markets are also a viable option. Also, cotton is good during wartimes and has been proposed to be linked to the war cycle by some prominent cycle analysts.
I’m not anticipating that low weekly close but we need to be prepared for it. Global conflict has historically been the thing that forces prices away from their cycles. It is still too soon to tell though. The forecasted daily cycle I provided on Dec 31st, which has been very on point, is still projected down-trending prices until early March.
The daily close tomorrow is what I’m keeping my eye on to see what is accepted or not by the bulls and bears. I’ll post the midweek update after that close.
@theprivacysmurf