Hello everyone out there in the freaking out land of crypto, haha. I am here to let you know that in my dudeish opinion, we are going to be okay and this run is far from over.
Let's face it, we have seen some incredible gains in recent months and this is really the first huge correction we have gotten in this run. You have some TA guys out there screaming this is the top, but I just don't think this is the case. In the past, the top was met with a huge blow off top, not this indecisive lagging that we have seen. What we have been experiencing is really price discovery and the market forming structure at these new levels.
42,000ish has proven to be a pretty strong line in the sand for BTC. It also happens to be where we topped out in the run up in January before recorrecting and breaking through to find new all time highs. Well that is pretty much where we are bouncing in the latest dip. Seems to be allot of buying pressure at this level. I know I am buying... that is for certain... But I am concerned about my leveraged long I have going on 5x leverage... But hey I know the risk of what I am doing so I am okay with the results... well not really if I get liquidated or stopped out of the trade, but hey, it's the gamble you take when you go the route of leveraged trading, lol. It still has room to turn around though.
But what I really want to talk about is the RSI going into oversold conditions on the daily chart for the first time since the COVID dip in March of 2020. You remember what happened when that occurred, a huge recovery after!
You will also see that the momentum waves are dipped down very low on the indicator levels which means that the selling pressure is starting to really run out and we are looking for a reversal in the near future.
So of course, not financial advise, but, I am chilling and buying more for the long term bags.
What are you doing in this dip? Are you freaking out with the Plebs or are you holding strong and buying the dip? Let me know what you think about the TA and hopefully it helps you out!
Be Cool, Be Real, and always Abide!
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