BTCUSDT fakeout after fakeout in a descending channel
Hello everyone,
We don't see much life in Bitcoin besides occasional fakeouts due to SPX correlation but what we do see is a descending channel which started forming in June. Next logical move would be down towards mid 8000s, unless correlation with SPX once again saves the day propelling the price higher, so watch it closely. I'm not bullish until we convincingly break 9400 with a strong follow through. Recent move towards 9400s had a decent volume but once again we didn't see another leg up.
Until then I would also be careful with DEFI madness and overexposing your funds to alts, unless you are scalping. Alts had a really nice time lately and Bitcoin dominance dropped to mid 60s as a result. Moves in alts are much more volatile when Bitcoin moves and there is more profit to be had especially in our recent runners - VET, ADA or LINK but it's not a time for long exposure.
That's it for now, let's see what BTC does and how traditional markets will open.
We don't see much life in Bitcoin besides occasional fakeouts due to SPX correlation but what we do see is a descending channel which started forming in June. Next logical move would be down towards mid 8000s, unless correlation with SPX once again saves the day propelling the price higher, so watch it closely. I'm not bullish until we convincingly break 9400 with a strong follow through. Recent move towards 9400s had a decent volume but once again we didn't see another leg up.
Until then I would also be careful with DEFI madness and overexposing your funds to alts, unless you are scalping. Alts had a really nice time lately and Bitcoin dominance dropped to mid 60s as a result. Moves in alts are much more volatile when Bitcoin moves and there is more profit to be had especially in our recent runners - VET, ADA or LINK but it's not a time for long exposure.
That's it for now, let's see what BTC does and how traditional markets will open.
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