Welcome back,
I am quite active on Twitter and recently I have seen many people creating a strong buzz all over the internet about where Bitcoin will go. If you have gone through my blog yesterday or the blogs that I write often, then you already know that there is no rocket science that decides where Bitcoin will go.
It is not something that happens in one night, especially if you expect the price to fall by 10000 to 20000 or if you expect the price to rise by 10000 to 20000. That kind of movement might not happen in a single day.
At the moment we are close to a very important support level, which is at 88000 USD. In the blog yesterday I already shared that even though Bitcoin was rising, I am slightly bearish about the price movement because of the lack of volume near the consolidation zone.
I expected a little more volume near that zone so that it could work as a proper reversal point from where the price could start moving upward.
Now at this point, I think we should focus on the projects that are strong in the market such as Near Protocol and Arbitrum or projects like TAO, which has been among the most fascinating tokens recently because it outperformed the entire market.
Tokens like Zcash or ZEN also performed very well. These tokens were the early movers and performed nicely, so when the next rally starts these may be the tokens that will surprise us.
Apart from that, I also have some personal favorites that I share often, and you can check my recent blogs to know more about them. There are also some coins that I am going to sell at a loss very soon.
I am only waiting for the right time because I have lost my confidence in those tokens. Most of my tokens are spot buying because I am not a future trader or investor, so that is what I will continue to do.
What are your thoughts on the current market situation? Do you think the market is going to give us even more pain after the current conditions, which are already very difficult for retailers and normal traders? I expect a little more pain from the market, and maybe after that we will see a strong bounce back.
That is all for this blog.
Thank you and happy trading everyone.