Market Red AF
Just wanted to post a quick update here today for y’all. This is the daily candle of BTC as I’m writing this blog.
The markets really got no chill these days. Just so y’all know, ever since I said that is bullish to buy BTC at around 57k level, I’ve had a swung down of $40k in my total portfolio. Well…it’s been a pretty dramatic week or so. I first had a swing down of $55k in a day, and swings back up $50k in the next 2 days, and then swings right back down another $40k. I also want to shout out $matic and $quick for holding up my portfolio. Without these 2 gems, oh my lord…I’d be crying. Someone play Kanye’s Stronger so I can sleep through this please. Again, I’m no financial advisor, and I’m just some degen-ass bum who may or may not have gotten lucky the past few months. glhf!
End of Phase 2
In my last blog, I said we were hovering at the end of phase 2, and the beginning of phase 3 levels. I’m going to admit that I was wrong there and say that THIS is the end of phase 2. Who would’ve thought that the cascading effects of Mr. Elon Musk’s tweets were going to bring the end of phase 2 to us degens. I thought he was our hero? (Insert sad emoji face here). His tweets coupled with the market being over-levered, and a bunch of negative news that came out drove the confidence of the market to an all-time low. The traditional market likes to use these “fear/greed indexes” to track how people are feeling about the markets, and if were to apply it to cryptos the last week or so, it would be at the “holy fuck we’re scared AF” level.
Is This The Top? Probably Good News Ahead
Since the top of BTC at 65k, we’ve had a near 40% correction the last month or so. Now, the million-dollar question is “Is this the top?”. Well…I’m tracking several indicators as always, and there’s not enough information to say that 65k is the top yet. We need to see how this week closes, and a bunch of other things to determine that. I know things may look bearish right now, and your wallet is bleeding, but I also got some reassuring news for y’all as well.
You see…in the last bull cycle, we got this huge wick but managed to close above it. We need to track if we can close above it in May, which I still think we will. So, I’m hoping and expecting strong rallies in the near future, before the market explodes upwards. Honestly, if I don’t have money locked up, this would be the perfect time to go all-in. And if the market doesn’t play out the bullish trends, then you just pull everything out and possibly losing out on 10% of your money. If it goes bullish, you should be expecting some crazy gains in the next 2–3 months.
Overall, I just wanted to write this blog and reassure you guys that everything should be fine. I’m going to be kind of out of reach this week due to graduation, yada, yada. But as always, I’ll keep y’all updated. If shit goes sideways, you bet I’d be on here waving that white flag and telling you guys to pull your money out. It’s just not time yet. GLHF!
