market update
today's daily closing was ugly. as expected most trend systems are flashing red.
while we haven't gotten a sell confirmation yet it's not looking good.
if this persists on the weekly close then systems will likely signal getting into CASH.
what will negate this shift in bearishness is if we get a strong reversal back.
something that happened in March 2023 (marked in the first pink circle) else we could be looking at lengthier time correction.
now its imp to keep in mind these views are about trading positions.
no change in the big picture as mentioned in previous posts.
from a core position standpoint,
BTC support lies at 58k-60K region which is a deep value zone to add to high conviction positions.
will send an update after the weekly close
but its time to be cautious.
if the reversal is quick then it's easier to add on strength or else on a deep pullback.
see you in the next one.
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