The continous bleeding last week gave me serious bear market vibes, but then Feb 6th ripped back to $70k. We've just been chopping around this level since, and honestly, I’m totally lost on the future direction.
I was reading that on-chain data is actually flagging "bear market" signals for the first time in a while. Plus, with the rumors that the Fed might hold rates in April instead of cutting, the macro side isn't helping the sentiment.
I’m thinking of starting to DCA here. I’m setting up a Martingale bot on BYDFi. I'm planning to set it for $20 per day. Seems safer than going all-in at once if the price keeps falling.
With the macro outlook getting weird, I honestly don't know where we go from here. What’s your gut telling you, are we ripping higher or dumping further?
Totally lost after the Feb 6th pump. Are we still in a bear market?
byu/Relative_Taro_1384 inCryptoMarkets
Posted by Relative_Taro_1384
5 Comments
Why are you lost because of a tiny pump? trend is very clearly down, until it isn’t anymore – be patient. One tiny pump doesn’t change the months-long trend. If we are going back up, we will need to break the downtrend structure first; that will take awhile.
I don’t think you can make a better move than DCA right now. It’s a good accumulation zone. We may retest $60K again and then a few months of sideways chop.
It dropped from 126k to 60k but a pump to 70k gets you euphoric?
There was a pump?
Bear markets are even less of a straight line than bull runs. You can have savage rallies that burn a bunch of shorts and still be in a downtrend until proven otherwise with higher highs and lows.