Forecast Analysis 4.15.24 From The CryptoUnderground

By TheDarkSage | The Crypto Underground | 16 Apr 2024

What’s Up Traders?

Damn, did you see that drop on Bitcoin today? Support at 65K just didn't want to hold - the price blew right through like it was nothing. I had my alerts set there hoping to see at least a little consolidation, but nope...straight down we go.

From the way Volume kept ramping up as we broke that level, I'm thinking the selloff has more legs. The Momentum indicators I'm watching are still pointing down too. So at this point, I'm expecting more consolidation in the 62K-64K range before we potentially break lower toward 60K.

Now 60K is a bigger psychological level, so we could see some buyers step in and put up a fight there. But if that doesn't hold, I wouldn't rule out a retest of the 55K area we broke through back in Feb. The Bears seem to have regained control of this market for now.

That said, I'm not getting crazy bearish or anything yet. 55K is still just a possibility I'm preparing for based on the current Technicals. I'd need to see a few more dominoes fall in terms of lower highs and break of key supports before really doubting the broader uptrend.

For now though, no new longs from me until I get some clearer signals that this pullback is exhausted. Maybe look at scaling into some shorts if we can't reclaim 65K over the next couple of days. Going to stay patient and let this play out a bit more before overcommitting. I NEVER allow myself to get reckless this market loves to chop you up if you get too aggressive.

I'll be keeping a close eye on the 60K region if/when we get down there. That's a pretty key battle line in my opinion. If the Bulls can get some mojo back and reverse the momentum around that level, we could neutralize this selloff quickly. But if sellers continue to absorb all the buy pressure there, it's likely curtains for the low 60s.

Now in that worst-case scenario, I'd probably look to load up some long exposure into the 52K-55K zone. That area marked a major swing low a few months back and has been a value buy the last time we were at these levels. Fingers crossed it doesn't come to that this time! But hey, you know me - I love stacking sats on the dips when I can.

Until then though, I plan to keep tightening up stop losses and trailing my remaining long entries. Maybe take a few nibbles on the short side if we can't catch a bid over the next few days. But no need to go game over just because a couple of support levels gave way. Markets ebb and flow, baby - that's why we scale exposure accordingly.

What's your take on all this? You seeing similar signals or am I reading too much into the technicals here? Always down to hear a different perspective from someone who has been around the block. Let me know where you're leaning on the next major move!




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Cryptocurrency Investor, Trader, Staker, Pooler, Farmer, Miner, and I am only sharing my opinion based on a modified Wyckoff Method and 20 Plus years of trading experience in Stocks, Forex and Crypto.

The Crypto Underground
The Crypto Underground

Welcome to "The Crypto Underground" ⛏️ – your go-to source for exploring the world of cryptocurrencies, daily technical analysis using a modified Wyckoff Method. DISCLAIMER: All of The Crypto Underground Posts are based on my opinions alone and are for informational purposes ONLY. YOU should not take any of this information as guidance or advice for buying or selling any type of cryptocurrency. I am not a financial advisor and anything that I say on this channel should not be seen as financial advice.

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