Alpha Digital

As a little extra:

$ETH looks good above 3.3k. everything below is chop with a potential move lower.

My assessment hasn't changed since the last update.

$BTC is still in the same boring range and looks weaker every time it touches the support at 60k.

All the while ETF flows are slowing and S&P500 and Nasdaq bouncing nicely, without any participation from crypto.

$ETH was in a good spot for a very short moment during the weekend, but reversed already, painting a dire picture.

All in all, we're still range bound with meaningful downside risk persisting.

I see no reason to enter here.

The usual disclaimer. These are only my thoughts and personal opinion and should not be relied upon or considered investment advice.

Looking at $BTC I do not have a strong opinion right now.

I am definitely seeing a change of character though with price no longer trending (upwards).

It is also noteworthy, that bounces are weak and sell offs are comparatively strong.

At the same time we have retested the 60k area multiple times now. As with resistance, supports become weaker the more often they are traded at.

So my general feeling is that risk is skewed to the downside.

Another reason to stay flat for now and let some time pass by until the uncertainty subsides.

This time around I'll be mostly focusing on Ethereum as a representative for altcoins in general.

After we avoided the brutal drop things were looking good for a moment.

$ETH tested support and bounced back strongly.

This was my trigger to entry and indeed we saw further upside.

Next $ETH tested resistance and could not break through it. This was not surprising since we had seen a 20% bounce from the lows by then.

Subsequently Ethereum did not manage to hold a crucial area confirming general weakness.

This was my trigger to exit again.

This is also the reason why I won't be allocating as long as we stay in this area.

Price action is weak and in my opinion any buy would simply be based on hopium especially as long as we are trading below every 4 hour EMA.

As usual these are only my thoughts and should not be considered investment advise.

I'm mainly looking at $BTC right now.

We broke the ascending triangle to the downside and retested it from below. As long as this is the case, things are not looking bright.

The daily 50EMA is holding for now, and we are still in a higher low structure, so I'm not ruling out a continued uptrend.

Still, a retest of the range low is the likeliest scenario, in my opinion.

This would mean -10% on Bitcoin and potentially a lot more drawdown on altcoins. Yesterday, $BTC lost around 5%, while alts crumbled and many dropped by a whopping 20%.

I am not going to risk it until this situation clears out and the path becomes clearer.