Cryptic ball: downtrend broken.
Did you hear the bears screaming? I told you it was time to squeeze them! Even if it's still unclear whether or not the bear market has finally ended, it's definitely time to play this bounce. BTC is about to test $25k and ETH printed a higher high!
- What's next? Weekend bulls have to deliver to confirm the breakout. Ether is now trading at $1.7k, which was the level I highlighted in May as key support now turned resistance. If conquered, other alts will soar! Still, things look good.
- As for bitcoin, the original cryptoasset hasn't recovered as much but it will likely print a higher high today, flipping its market structure to bullish - at least for the time being - with the next target being a test of $30k in the next months.
- If it fails to do so and falls below $24k again, the weekend will likely be less interesting, as bears will strive hard to depress prices while they unwind their shorts. If that's the case, then Sunday bulls may have a chance to strike again.
- However, we may have it easier as US stocks will likely have a great Friday. Amazon and Apple had stellar earnings despite the generalised recession fears last night, after the market closed. So the reaction should be felt very soon.
- Lastly, don't forget many alts are up 15% to 30% over the past 24 hours, with some other shitcoins managing to gain 30% to 70% in a day earlier this week. Just note such moves fuel greed, which is good as long as you stay humble.
If you're still in doubt, do as I said over the week and start preparing new bets even if you don't place them right away. Do your own research - with time, as there's no need to FOMO, and get ready for those in the sidelines to feel the pain.
Chart art: merge fixed.
Three things: risk activated.
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