Bear Pressure Leads To Break Of Support As Cryptos Slide
Supports are breaking, bears are in control, and we are likely to see this pullback to continue.
I'm not relying on any support level now until we get down to $6,800 for Bitcoin which is a HUGE level.
On the daily, the bears are crushing it with huge volume. I know there will continue to be a pullback to test the support at $6,800. I'd recommend not entering any positions (unless short) until we get to this level.
There is a small support level at $7,330, but I don't think this will hold enough. $6,800 will be relevant though unless the bears step up like they've been doing.
What a ride this has been , I still think we are close to a bull run , This getting tiring though ,
Based off of the last market cycle, it took a year and a half for the boom to bottom out and stabilize before starting a new bull run. I don't think it's as likely to take quite that long, but there's a lot of work to do.