Crypto Michaël is discussing the markets that are dropping down which in his views is a normal correction right now.
“Weekly timeframe doesn’t look too great, but based on the past 5x we achieved is not too bad. The region between 42 and 45k is a very important support zone and we look to bounce off that.”
“However at the weekly timeframe we can watch an important moving average for an ultimate bottom scenario around the weekly 21 MA. If we zoom out we see there is nothing to worry. Compared to the past we are in the same situation as in june 2016.”
Michael expects a further corrective move throughout March until we have support on the weekly 21 MA and a sideway market and great opportunity to accumulate altcoins “I assume we’re going to have a great alt season in the summer when bitcoin is going to crawl-up, since this is the best condition where alts behave in.”
As an investor you should not be interested in stuff that goes up vertically. You want to become interested when everybody is crying about their positions.
Michaël continues: “What we most likely are going to get is a corrective move to (hypothetical) 37k, that’s the actual correction. This all could take 3 to 4 weeks easely.”