Joshua Colonist

My thoughts on the market and $BTC after the record breaking Binance hack 👇 $BTC has come down and filled this inefficiency, it tapped right at the Daily 200EMA & Top of the Bull market support band. Up on a break of $80K, this was the top of my price range where I'd get interested again for long term value. I would expect BTC to hold its ground between here and $72K-$73K (which is close from here anyways). If this was it, price recovers back above $80K and everything looks solid again, then that would be a sign of strength for me. These Daily 200EMA & Bull Market support band retests do pretty much always occur when a bear market transitions into a new bull market. They always look scary. This was the largest drawdown since the $58K-$87K rally. But still only -12% so nothing to go crazy over. From my memory these post hack markets do tend to be somewhat choppy and take some time to recover usually. Especially because trust and sentiment take a big hit. That is a good recipe for a (local) bottom eventually, but it generally takes some time to play out. We will see the occasional headlines on when the hacker is moving/selling BTC & ETH and might see some weakness on that news when it occurs. But the amounts are nothing the market would lose its sleep over at the current size of the market. Low timeframe I am looking for a retest to the .786 fib level around ~$76.9K to see if that makes one of those marginally higher lows and then bounces. Those have been pretty reliable after big moves and retests for $BTC the past few years. If not, we patiently wait and see what happens. This event was nowhere close to the damage something like the 10/10 market crash or whatever comparison some people are making. Different market environments as well so hard to compare these things. Let the market and charts lead. So to summarize: - Bitcoin at the top of the high timeframe value zone already. I like long term spot buys between here and $72K. - Daily 200EMA & Bull Market support band retests are normal when transitioning in a new high timeframe uptrend. - Hack not as bad or comparable as 10/10 imo - Nothing changes for alts vs BTC specifically for me here. Some alts sold off more than others because of the hacked amount but have also retraced that already. Don't think there's any edge there specifically. Just need to remain selective as always.