Looking at bitcoins monthly chart and the first thing i realized and said to myself is "this could easily be just a cooloff or correction in the macro perspective" and that is exactly what i think. We had an explosive 6 months previous to these 3 and it really does make sense that we need a break or cooldown, and that goes for everything, we need structure/ supports/ floors in order to keep heading up, now if all continues this way we will have a decent looking monthly close for bitcoin. The key here is to definitely stay above the 0.5 FIB level like we managed to do last month and even better would be to close above last months close around 36K. Even if we don't do any of this we could still see another month of bearish momentum which is kind of likely looking at everything from a technical standpoint, but the point is this will be a tiny blip on the macroscale and a much needed cooloff, 6 months of super bullish momentum and im thinking 4 months of cooloff and then we should be back to it. Also this sort of scenario doesn't faze me really, i actually like it for the fact that i can buy more crypto at discounted prices. If you truly believe in blockchain and crypto as beneficial for the future you shouldn't worry and do not let the emotions cause you to make poor decisions, this whole space may feel like we are late but in fact we are super early imo, big companies and institutions only started buying last year and even looking at that is a very very small number of "big money" compared to what can come, countries are starting to adopt crypto and that in itself should say something! Not financial advice just my opinion
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.