#066 - How low can BTC go?

Are BTC and Alts going lower?

This week, most of the mind space has been devoted to the Olympic shooting events, which is good since the markets and sentiment are completely trash.

Are we close to the bottom, and what is the main reason that altcoins are continuously getting rekt?

Let’s find out.

Bitcoin was rejected from the $64k to $70k range, thus invalidating my wickoff pattern.

It looks like the CME gap might be filled at $58k—$60k.

That level should hold; otherwise, we will see a lot more red.

There’s also $1.2 billion BTC position that is massively underwater on HTX.

Is he going to manage to hold? Let’s hope so.

The total market cap broke below the $2 trillion level.

Even though I don’t want to see the scenario where the total market cap drops to the first golden pocket, there is a possibility this will happen if war breaks out between Iran and Israel.

The altcoin market is getting destroyed. My alt portfolio as well 😭

It is what it is.

If you have considered accumulating some altcoins, now and during future dips is probably the best time.

The altcoin market without the top 10 is below the second golden pocket. A break below the lowest blue line would most likely mean that we retest the $120b level, which is an incredibly strong support.

It’s still a -40% drop from here, so let’s hope that doesn’t happen.

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I will add custom daily timeframe buy and sell alerts for BTC and ETH in the next two weeks.

The onchain edge index is now at 31.25 (very close to dropping below 30. That would be the first DCA buy signal in quite a while. Refer someone so you don’t miss it. It’s free)

Altcoins I’m currently watching that have good entries

There aren’t many altcoins that I’m currently keeping a close eye on. Many of the altcoins I’m watching have been mentioned in previous newsletters.

However, an altcoin has been weathering this storm incredibly well.

They are also planning on implementing a fee switch. The fee switch proposal aims to redirect some of the protocol's revenue to AAVE token holders.

This is incredibly bullish.

Let’s have a look at the chart.

AAVE

Even though the rest of the altcoins have had a rough last few months, AAVE has been chilling for the last 791 Days in this range between $50 and $110.

A bullish divergence is forming on the VMC indicator, and with the fee switch activation, I’m confident this blue-chip will perform well.

Most sellers have probably already exited their positions. Now, the people that remain are hardcore holders.

A breakout above that range is most likely going to be explosive.

I’ll be adding AAVE to my core holdings in this range.

Best Reads of the Week

https://x.com/0xGeeGee/status/1819072763723755910httptoshimoneybtc/status/17803782736727

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