Is it over?

What the hell is happening to the market and why is my coingecko portfolio showing -20% over the already -50% loss from the past 3 months?!

Oh, the drama never ends. You see Bitcoin just lost its first key level, a crucial line in the sand that our daddy bulls needed to defend for us to keep any hope of short-term upside and see our altcoin-filled portfolios show a little green and show signs of life. Yep, that upside that everyone was banking on to save our beleaguered alts. But the market just told us to go eat shit.

We're likely headed to the next key level now. Technically, Bitcoin bulls are still in control if $62-63k holds. But trust me, you don’t want to see us lose this level. If that happens, the market's chances in the near future? Not looking good. And by extension, our precious alts, already battered and bruised, will suffer even more and I might need to tell @khaleelkazi that I'm going back to McDonalds

Now, I’m not saying this doom-and-gloom scenario is definitely going to happen. I’m just thinking out loud here, playing the "what if" game. Right now, the market is still bullish until proven otherwise, and we are trading above the lowest bullish support level. So, let’s not panic just yet.

And yes, this is all about altseason. Most of us are heavily invested in alts, myself included. For any sort of altseason to bless us this summer, Bitcoin needs to hold support and ideally break the range to the upside. I’m confident it will happen, but the big question is "when"?

Bitcoin’s moves will dictate the short-term price action of alts. So, all eyes on what Bitcoin does above the next support level. Stay tuned, because I’ll keep you up to date as always. Let’s just hope for a bullish breakout soon, so we can stop holding our breaths and start seeing some green again.

Posted Using InLeo Alpha