BTC 1W Overview
BTC is still trading above 100k despite the macro situation and ww3 situation in the Middle East , which is fine for the BTC maxis and institutions.
Weekly structure starting to shift in a bearish direction considering the weekly close below the structure and daily range is just a chop fest around the 104k area and so does the other assets getting chopped.
BTC.D is now over 1000 days uptrending and this is wild and not at all what many were expecting this point in the cycle.
Big concern on my mind is that what if BTC pulls back to the 90k area as I think may happen which I marked in the chart then altcoins will leg down another 20-30%.
Obviously everything is not about technical and the fundamental side is simply that there is an ongoing conflict in the middle East and the whole crypto market is waiting for a resolution one way or the other and crypto market lacks patience and even we do get the uncertainty then it still doesn't address the deeper market issues of altcoin weakness and continued dominance of BTC (BTC outperformed every single alt except MKR).
My best bet for LONG maxis will be around the 92k area Weekly FVG and Yearly Open, if we get more bad news from the middle East or Russia-ukraine or Sir powell comes with a bad news then this zone will be fast forwarded
And for short maxis or Beras my best bet will be S\R of 104k or monthly open is area to look for
All this planning will go down the drain if TRUMP comes with a good news regarding Tarrifs with china or other countries or any other news from the TRUMP because he's unpredictable
On the short time frame Scalps are possible on both sides and 100k is a psychological level to long but in bearish scenerio or war news will just wreck it
Final bias shifting Bearish
For alts instead of trying to long every dead cat bounce or predict the bottom we have to wait for it to happen and then react accordingly because reaction and execution is better than drawing predictions and getting chopped
BTC is still trading above 100k despite the macro situation and ww3 situation in the Middle East , which is fine for the BTC maxis and institutions.
Weekly structure starting to shift in a bearish direction considering the weekly close below the structure and daily range is just a chop fest around the 104k area and so does the other assets getting chopped.
BTC.D is now over 1000 days uptrending and this is wild and not at all what many were expecting this point in the cycle.
Big concern on my mind is that what if BTC pulls back to the 90k area as I think may happen which I marked in the chart then altcoins will leg down another 20-30%.
Obviously everything is not about technical and the fundamental side is simply that there is an ongoing conflict in the middle East and the whole crypto market is waiting for a resolution one way or the other and crypto market lacks patience and even we do get the uncertainty then it still doesn't address the deeper market issues of altcoin weakness and continued dominance of BTC (BTC outperformed every single alt except MKR).
My best bet for LONG maxis will be around the 92k area Weekly FVG and Yearly Open, if we get more bad news from the middle East or Russia-ukraine or Sir powell comes with a bad news then this zone will be fast forwarded
And for short maxis or Beras my best bet will be S\R of 104k or monthly open is area to look for
All this planning will go down the drain if TRUMP comes with a good news regarding Tarrifs with china or other countries or any other news from the TRUMP because he's unpredictable
On the short time frame Scalps are possible on both sides and 100k is a psychological level to long but in bearish scenerio or war news will just wreck it
Final bias shifting Bearish
For alts instead of trying to long every dead cat bounce or predict the bottom we have to wait for it to happen and then react accordingly because reaction and execution is better than drawing predictions and getting chopped
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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.