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US stocks continue to plunge, overall crypto is building a base support quietly, will increase positions at lower range, however, US stocks has not stopped tanking, building up positions will take time.
After BTC surge past the 20MA, it encountered resistance with huge volume, will find opportunities to close short positions, and begin to enter market with small portion of long orders.
As the major markets fell below their support, BTC's 2 days rally broke above the 20MA, terminating the pattern of a short-term crash through the bottom, bullish sideways is more likely than a bearish sentiment.
As Dow Jones, Hong Kong and Korea stock market fell through the bottom, the overall crypto market remains weak and volatile, maintaining a rapid change hands between the bulls and bears, the bears are on the upper hand, the bulls are likely to consolidate than dip.
US stocks continue to break below the bottom, cryptos defending the lows and bounced back up, the bull and bears are switching fast, the chance of consolidation increases.
As expected by the market, FED lifted 75 bps, the dot plot expects to lift the final rate to 4.6%, taking a firm stance. This led to BTC breaking below current support, difficult for support bottom to form has increased, still looking bearish.
BTC and other altcoins in the short-term encountered resistance and was pulled down as US stock fell, XRP surged with volume breaking above previous high, chance of massive support forming increased, if true, overall crypto market is likely to go sideways for at least 3 months
A long red candlestick fell through the 5/10/20MA, past few days' rally momentum tumbled instantly, wave B reversal has terminated, entering wave C, confirmation point will be around 15,500~16,000 range. However, the way the market plunged is most likely an exit crash.