Log capitulation Ps this is log scale. My trendlines are skewed.
All alts folow btc , who folows sp500.
With the Fed ready to increase interest rates, both sp and btc will suffer even more. This week we saw a bear and a bulltrap, and its trading sideways waiting to hit upper trendline and decide where to go.
Seeing we didnt get a big bounce to 40k to show bull power, we didnt see big buying volume either, this means bulls are waiting lower. 28k - 20k. Bears still in control. So no signs of reversal yet, instead another dip and maybe a big capitulation comming wich will push out all the last retail paper hands. I hope 28k holds, but we might see a quick drop to 20k and quick up, for institutions to buy big amounts.
I expect this weekend, when both btc and kda hit there trendline, to dip to next suport of 28k, wich means kda who has no strong suport untill 2,25$, will drop to 2$, rsi going further down to 20% in the daily.
From there we will be weeks in the 1,5$ to 2$ range. Rsi is so low, it will take lots of time to get rsi back above 40
and see a upward move. Its not going to be quick down and up. This is not a correction, but a full bear market. We dropped 95$ if we go to 1,4$. With retail wrecked, much crypto fud, pow ban (kda is pow), even if im a huge kda fan !! Right now its looking bad
Bear market = no volatility = It will take till q2 at least before we slowly will grind our way up.
My acc is down 65%, wich sucks, but 3x is all it needs. Im dca back in every dip under 2$. Lets hope, after the summer we can get back to 6$ and new ath by 2023
