Its accumulation time

Morning folks,

So, market has formed "222" Buy that we've discussed last time... In general it is too many things to discuss about cryptos right now and it is impossible for just minor update. In two words speaking we expect that market has to go in habit with new level and it needs time to do this. It means that for some time (maybe few weeks), market could flirt around 30K . Still while price stands above 25-30K area it keeps long term bullish context. In short-term nothing more bad could happen as all leveraged positions were washed out and coins now mostly in outright individual positions without leverage and in the hands of hedge funds. Nobody will sell them 50% cheaper.

Our central scenario suggests, that when accommodation to new 30K area will be completed, market could start gradual recovery. We treat major 5/8 Fib resistance @ 50K area as most probable target. So, current area is an area for accumulation. You could buy in any place around 30-35-40K area or try to catch short-term bullish pattern (such as H&S that now is forming on 1h chart).