I don't want to do a whole lot of TA on this blog, but this is important, I feel. I've seen far too many people celebrating the quick pump after the huge dump last weekend. We're in altseason, sure, led by Dogecoin. But bitcoin still leads the market. If BTC dumps substantially for any reason, the rest of the market will follow.
BTC using $57.5k as support puts the lead crypto securely in a bullish pattern. Unfortunately, the most recent pump took bitcoin up to $57.5k, where it was rejected. Twice. The pattern forming now is a flag pattern, which is a continuation pattern. That means once the flag reaches its peak, it will likely continue in the direction it was going (down).
The proliferation of Doge and Safemoon is bringing new money into the market. But there may be bigger money coming out. As we learned last weekend, trader whales are looking for opportunities to smack the shit out of noobs, especially leveraged longs. If too many people start longing this flag looking for a quick pump, those whales will bring their bitcoin back onto the exchanges and pimp slap this entire market back into early March.
Very important to cover your downside until bitcoin reclaims its upwards or sideways momentum. The dumb money that is moving into Doge and Shiba Inu and all of that crap will come out just as quickly. If you don't believe me, zoom out at look at the Doge chart. Every big pump is always followed by a huge dump. And #Dogeday was a HUGE fuckin failure. Don't even talk to me about that. I feel sorry for anyone who believed that would be the day Doge pumped to $0.69 or $1 or anything except a big fat 30% loss.
Some influencers believe that the Doge money will flow into legitimate projects. I don't see that happening straightaway, either. People who are in Doge aren't in AMMs and Metamask. These chumps from Robinhood and Tiktok are listening to Meet Kevin and Graham Stephan's retarded crypto vids and following their affiliate links straight to scammy ass Blockfi. These are people getting onboarded into really isolated, centralized hubs that don't connect to defi. (But the fuckin price oracles do.) They're going to get their money taken by the sharks in those waters. Those sharks may then turn around and pump our bags, but not before a healthy correction, possibly.
I'm just saying. Be careful. Don't go full bull until BTC reclaims $57.5k as support (that means it gets above $57.5k, falls back to $57.5k, and holds there).
There is also the overriding threat of the US stock market. Never forget about that.
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