#BTC and #Altcoin Update

As per my last update, BTC re-tested the AVWAP from the April low and bounced from that level. It closed the day at the 21W EMA level and is now above it.

In normal conditions, I would consider this very bullish. However we just had the biggest crypto crash in the history. So, there is no need to FOMO.

The resistance is at 115k. Watch that level carefully. I don't advise a short position there if you don't have a long position open at the same time, because most of the people are expecting a second crash and are heavily shorting the market because of that. This may lead to a short squeeze.

If you believe in the market, and expect a recovery in the upcoming weeks - like I do - you can DCA into coins on SPOT.

However do not take big risks here, especially if you were at the wrong side of the crash. If you made money on the crash, this is the place to take risks.

I choose not to FOMO and wait for the US futures to open and Monday range to shape.

Bitcoin Dominance is looking extremely bearish after a bearish re-test to the bull market support band and the 0.618 Fib level. If it closes below 60%, it will be very bullish for altcoins.

There are 2 exactly opposite scenarios right now.

1) We may experience a V-shaped recovery because everyone is expecting another drop and they can get squeezed.

2) We may experience another drop, or a slow bleed for a longer period while everyone FOMOs back into altcoins because they are extremely underpriced.

As I said above, if you have made money during the crash, it is not a bad time to take risks with your earnings.

However, if you have lost money on the crash, it is better to be cautious to not repeat the same mistakes over and over.