Market Drowns In The Pool Of Red

Last week market trend was really a bad one and this time it was general and not just the cryptocurrency market, it was really sudden because the week started well with btc almost touching 70k and at some point it reach the over brought RSI mark in the 4hrs to daily timeframe, we were expecting it to actually fall but it decided not to, instead it ranged for a while going up and down in a tricky way, I know most traders upon seeing it touch certain support and resistance level continuously will be tempted to just switch to swing trading and capture those short trades, at some point it broke the resistance level with the more pump attempt but it was all fake 😆 and this took out several position (liquidation), it also broke support in a fake out and went back to the range market. I had guys who were swing those position but always at alert with their stop loss even though it got hit couple of time.

When the dump finally hit, most were caught off guard, had to check some traders analysis on binance then boom market started dipping, it was like pool of blood because btc dump straight down to 54k from 68k, it was a long ride for another who really shot the market at that point, I had to log to X and boom I saw this chart this week

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The global market also tanked, first was the surge in yen value due to the sudden hike in the interest rate and those who previously borrowed where somehow forced to sell and boom recession in the US also came up, I think it was about delaying in reducing interest rates or so and this create the usual panic, the dump was really much, it was red moment and let say Btc broke the 46-47k mark, 30k will just be peeping at us. Currently the market is trying to retrace it step for the main time but as usual, we are watching to know the next up or down magic