With interest rate still rising, naturally stocks will still continue to take a hit. Additionally with unemployment rate remaining relatively unchanged. FEDS still have room to extract liquidity. So still more room to the downside imo.
Taking all these data into account, ask yourself. What do you extract from this? How do you interpret it? If you’re bullish, why so? If you’re bearish, why so?
Imo, even tho risk is still to the downside, I think looking for good zones to accumulate would be a better approach compared to looking for shorting opportunities.
I mean we’ve took a significant hit and R/R wise, doesn’t make sense to take big short swing trades. Barely any decent bear rallies imo.
Less stressful to look for potential accumulation zones.
If this happens, $300ish ETH seem to be possible LOL. I think that there’s a good chance that we can see it. Never talk in absolutes. But I would say that the probabilities are to the downside to fill in the price inefficiencies all the way down till 300ish potentially.
So before going full on bullish mode just because your favourite CT says so. Think again.. Be objective and come out with a structure. That’s all I have, atb anons!
3 thoughts on “Why I’m not bullish yet (2023)”
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