Currently dropped to a confluence of the 78% fib and key support levels. We closed out a long running series of whale bids from 
44L to $40k, and I think the last piece of the puzzle is the CPI report Tuesday.
General market sentiment is likely a combination of factors- the US Government making public statements every couple days (for two weeks) about inflation and interest rates, etc. trying to drive markets down; and the whales looking to clean up on the back of some bad news.
Until I see key levels invalidated on higher timeframes, I'll remain (weakly) optimistic that the DYX weakness beginning to present coupled with a couple months until the next FOMC.. that markets will have enough breathing room for a final rally towards $50k.
That said, you have to plan for the worst with either being primary stables or strict risk management/stoplosses because these are volatile times.
44L to $40k, and I think the last piece of the puzzle is the CPI report Tuesday. General market sentiment is likely a combination of factors- the US Government making public statements every couple days (for two weeks) about inflation and interest rates, etc. trying to drive markets down; and the whales looking to clean up on the back of some bad news.
Until I see key levels invalidated on higher timeframes, I'll remain (weakly) optimistic that the DYX weakness beginning to present coupled with a couple months until the next FOMC.. that markets will have enough breathing room for a final rally towards $50k.
That said, you have to plan for the worst with either being primary stables or strict risk management/stoplosses because these are volatile times.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.