The crypto markets have been bullish lately...
However, according to the weekly and monthly charts, we still haven't broken through any resistance levels... The patterns we’ve seen on the monthly and weekly charts show a bearish impact (IMP) that has significantly affected the price, and we are currently in a correction zone.
We're still just at the stage of creating upper 3ths. If we don’t see a BOS (break of structure) on the current Daily Resistances next week, or if we face rejection and break down through Daily Supports, then we might see more downside for cryptos in the coming months.
Mainly, BTC around 70000 is a buy zone, but it could still dip down to 50000 or 60000.
But rather than dipping further, it could also bounce back to a new high.
So, around 70000 is a solid price point, so if you want to allocate a small % of your capital, now's a good time to buy. It's aimed at those looking to hold long-term.
Just a little heads up, Rick's the type to take the plunge.
It's definitely a situation where you should use a Hedging Strategy with Spot and Futures combined.