In this video, CredibleCrypto provides an in-depth analysis of the current state of the cryptocurrency market, focusing on Bitcoin and altcoins. He discusses the importance of key levels of invalidation and the logic behind them, using examples from past price movements to illustrate his points.
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CredibleCrypto emphasizes that despite the recent drop below the 60K level, which invalidated the lower timeframe uptrend, the higher timeframe structure for Bitcoin remains intact and bullish. He explains that it would take a significant effort to compromise the higher timeframe structure and that he remains optimistic about the market's long-term prospects.
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Regarding downside targets, CredibleCrypto identifies the 53K area as the next level of support, with the zone between 40K and 49K being a high timeframe support cluster. He notes that even a 50-60% retracement would be considered normal and healthy in the context of a trending move, although in the current market conditions, a deeper retracement may be surprising but not impossible.
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Credible also discusses the role of leverage and spot selling in determining the depth of the correction. He suggests that the amount of effort that was required to break below 60K indicates that there is significant support in the market and that a move down to 40K is unlikely without a significant increase in selling pressure.
Overall, CredibleCrypto remains bullish on the cryptocurrency market, including altcoins, and believes the current correction is a normal and healthy part of the larger uptrend.
