Date: 2023-06-07T16:23:22Z Creator: Bitfolio Academy
With the SEC’s lawsuit against the world’s largest crypto exchange Binance, BTC plummeted to a 20-day low, stoking fear that Bitcoin might challenge its 200-day moving average at a daunting 23k.
Yet, despite the negative sentiment, this could still be an exciting time for investors. The market is currently in a distribution phase; sellers are currently dominating. I, for one, am excited to see where Bitcoin will go. My Bitfolio Macro Indicator has hit 32 revisiting the March low when BTC dropped to 20k.
Will we see a surprising capitulation and a plunge to a new low? Are we headed to 23k? Or will March repeat itself and rally by 50%? Time will tell, but surely we can all agree that moments like this make crypto trading so thrilling.
Let me know in the comments. 🤔
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Sharing lessons on crypto as I try to minimize risks and shorten time horizons 📈
Disclaimer: I am not a registered investment advisor. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.
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