The ascent of the crypto market should make a healthy correction since everybody was trusting that any sign will trigger the domino of profit-taking. I didn't anticipate seeing a sharp decline in the cost of digital forms of money in such a short time. Notwithstanding, this remedy made me more bullish.

In the wild idea of Bitcoin, cryptocurrencies do as well, we are accustomed to seeing bleeding days for our crypto assets. Despite the value fluctuations, I stick to Moving Averages, support & resistance levels, and deeper analyses. A couple of weeks ago, I mentioned the importance of taking some profit from certain levels on my Stable Solutions post.

Since the first day of Elon's effects on the market, he had the potential to drive people in the direction that he can make gains or he can create an atmosphere that he wishes.

Even though I could predict the profound remedy set off by FUD, I would not like to sell my crypto assets and I acknowledged to see my portfolio ridiculous red. By then, I should control my feelings and make a few moves by exclusively thinking carefully 😅

Seeking Signs for Recover

I was not worried about this harp decline however the FUD waves were shaking the whole market while dealing with several negative news from the United States, China and, Elon. Since the market decided to wind up the streaming liquidity, we should watch the things from outside.

At that point, I rely on Moving Averages (others may also choose to follow Exponential Moving Averages) to get the first signals.

Even though the moving averages cannot be the mere source to take into consideration, they are essential to reveal sentiment changes.

As you can see, the price rejected 4 times from MA20 grey line but with the recent pump with Elon's tweet, the price is fluctuating between MA20 and MA50 for 4h.

Pi Cycle Top Indicator - Next Step

I saw this marker on a web-based media stage while perusing posts about crypto and exchanging. Frankly, I'm entranced with its effective component.

For 111 days MA, the cost was between $51.500 - $52K when we see the sell signal.

As the timeframe is calculated uniquely, the indicator, Pi cycle, is a popular indicator that many people give credits.

While we are trying Lower Highs and Lower Lows, I cease purchasing or aching cryptocurrencies. Anyway, I can't concede that we are in the bear market. The only thing I see is that the second period of a positively trending market is deferred for some time.

Greed and Fear - Warren Buffet's Insight

For financial exchange, the witticism "be fearful when everybody is greedy" works impeccably as it's nothing contrasted with our wild crypto market. Regardless of whether everybody is insatiable or unfortunate, you must be watchful in crypto to have the option to endure.

The Fear and Greed Index is valued by numerous individuals. As far as I might be concerned, it uncovers decent knowledge in regards to the investment choices taken by crypto enthusiasts. However, I can't exclusively depend on this marker. Essentially, there are major support and resistance levels to be tested. We will see the direction the market decides to follow.

Conclusion

As I expected, we are around $39k for Bitcoin, and the entire market is discouraged. I don't believe that we are getting into a bear market although the Lower Highs and Lower Lows are not wonderful signs 💁‍♂️

My genuine belief is to have an outlook until everything settles. Although I care about $35k, we may even test $25K levels for some specialized examiners. Then, I'll check Elliott waves, Pi Cycle Indicator, volume, and EMA/MA etc. to have a sense of safety enough to contribute considerably more. I'll be searching for a chance to open purchase orders. For the time being, an ideal opportunity to rest for me.

While everything is still unclear, we may set lower take profit levels and open new positions from support levels. However, these trades are not going to be for a long-term portfolio for me. Even though I was able to take some profits, the majority of my portfolio consists of high-risk assets. Taking less risk may save my psychology 😄

It is safe to say that you are bearish, bullish, or hesitant?

What do you think about the recent pumps? Are we recovering?

Illuminate us with your vision.