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Bitcoin is down. We are now at 16 251 USD. The fall wen to 15 632 USD. This is not a good day, but it seems the confirmation that you should listen to the pseudo gurus telling you that we reached the bottom. Follow the price. Markets are by definitions unpredictable. Alle we can do is prepare for the next move.
Weekly chart tells us that we still have some downside coming. For the short term we can rest. We have a good support at 15 706 USD.
Can't say the worst is over. We could easily see 14-13K$, and if that support doesn't hold there's nothing stopping us to go down to 9K $. A lot of room for a severe downfall. We could see a short lived rally to 18 400$, but we may go down again.
Even if crypto wants to go up, the economic context doesn't agree. Strong inflation in Europe and the US. And the DEF doesn't seem ready to stop rising interest rates.
Just think about it. Would you invest if you're tight in liquidity?
Plus the FTX/Binance fiasco doesn't inspire confidence. If you have spare change, grind and accumulate or go with the Dollar cost average approch, that's your best option for a LONG. Bulls will be back someday, just not in a near future. Wait, adapt and only invest what you can lose.
Good luck and Good profits.
GGP
Disclaimer: This is just my opinion. This is not a financial advice. We're just having fun. DYOR.
