By the time of writing this, BTC is having a little pullback fueled by the tightening tensions in the Middle East. Indeed, there are some alarming signs in the air as the United States has moved their refuelling planes closer to the region, while the USS Nimitz aircraft carrier is also on its way from the South China Sea.
On times like these, we see many crypto Twitter and YouTube influencers talking about WWIII and even nuclear war. They are just after likes and comments with their provocative titles and thumbnails. However, because of oil, a possible war could indeed have a serious impact on the world economy, but I just cannot see a scenario which would launch a full-blown world war.
Think about it, who would be the players? Israel and the USA against whom? China probably wants nothing to do with it, while Russia, ironically, would like to act as a peacemaker. If a global war were to start somewhere, it would start in regions such as Southeast Asia or Europe, with global superpowers involved.
Bitcoin
Nevertheless, as fear, uncertainty and doubt grow, it is obviously seen in the BTC price as Bitcoin haven't yet achieved a safe haven status similar to gold.
I'm currently watching as BTC is struggling to hold the $106k support(grey area) on a 4-hour chart, and it doesn't look too good, to be honest.
If we don't get a bounce soon, a visit to $105-$104 levels looks inevitable. Meanwhile, the BTC Dominance chart is at 64.78% and continuously making these higher highs.
The USDT.D created a lower high and has now risen to 4.78%, meaning people are moving into risk-off mode.
Ethereum
ETH got rejected at the $2,680 resistance before reaching the top of the month-long range. The next area of interest would now be the range lows near the $2,400 level.
Interestingly, Trading View is showing two very long downward wicks, which I think are some kind of a glitch or otherwise many longs might have liquidated.
ETHBTC is in a consolidation phase and is holding up quite nicely at +1.43% considering the circumstances.
Solana
The downtrend is confirming as SOL just created a lower high while getting rejected at $158.74.
The next support is near $148, which has already been tested twice. A bounce from here and a higher high above the previous high of $158.74 would turn the trend around. Breaking below the lower support at $142 would add to the bearish thesis.
Hype
After making a new ATH yesterday, HYPE is now retracing and testing the $40 support.
The bullish structure is still intact and would remain that way even if we go down to test the $38.2 support level. Added spot HYPE here at $40 and consider going long near $38 if we get there.
Conclusion
With all the IRL FUD, weeks like these are really hard to trade with, at least for me. I'm probably going to focus on the big ones: BTC, ETH & ETH and mainly just do spot trading.
I also have some smaller spot holdings currently underwater, but selling during times like these would probably just leave me chopped, as a single good macro news could turn things around in a moment.
Sitting on hands for a while is perhaps the best option.
Thank you for reading!
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