04/04 Crypto Markets Weekly Update

Lookback

The previous update was issued 2 weeks ago and since then the price action invalidated the scenario with the triangle by steadily creeping up. This does not necessarily change the outlook though undoubtedly adds to the uncertainty around whether we missed picking the bottom.

Bitcoin, 4hour

https://www.tradingview.com/chart/BTCUSD/bVN2yxki-BTCUSD-Update/

This Week

This week we remain bearish on the crypto market despite the optimistic buzz. There is an alternative scenario in which we have missed the bottom and now the market is going up in wave D. However, noting the correlation to the US stocks and anticipating US market to tumble we keep the bearish scenario so far as the base.

BTCUSD, Daily