BTCUSDT to bounce off 20W SMA ¬11 Oct?
Updated
* BTCUSDT has been stuck in the doldrums due to DXY trending upwards.
* DXY will be meeting resistance soon, and may trend downwards ¬11 Oct.
* Previous mid-cycle consolidation periods in the 2013 and 2017 bullruns ended with bounces off the 20W SMA.
* Would we see continued testing of the 20W SMA and a reversal of DXY's current uptrend ¬11 Oct?
* If so, that would provide us with enough momentum to exit the mid-cycle consolidation phase.
* DXY will be meeting resistance soon, and may trend downwards ¬11 Oct.
* Previous mid-cycle consolidation periods in the 2013 and 2017 bullruns ended with bounces off the 20W SMA.
* Would we see continued testing of the 20W SMA and a reversal of DXY's current uptrend ¬11 Oct?
* If so, that would provide us with enough momentum to exit the mid-cycle consolidation phase.
Note
* Despite BTCUSDT uptrending, it is still too early to be excited as we are only back at where we were last week. * Celebrate only when BTCUSDT breaks through the previous all time high and resistance at 74.3K.
Note
** Do not long.
* Be wary of weekend pumps.
* Look out for resistance at 63.9K and 74.3K.
* Sell altcoins for BTC only when BTCUSDT corrects after going past 63.9K.
* Or, for a less risky approach, hodl your altcoins till BTCUSDT corrects after reaching new ATH.
Note
* It's still wait-and-see time. And what better to do than to upskill oneself?* Here are two articles that reveal how much we do not understand about macroeconomics.
nytimes.com/2021/10/01/upshot/inflation-economy-analysis.html
federalreserve.gov/econres/feds/files/2021062pap.pdf
* Keep an open mind. Be flexible. Form hypotheses, then test them brutally and relentlessly. Pride is for losers. Winners go home and f*ck the prom queen.
quickmeme.com/img/10/10aa903e407347be3415b59227b9eb7ff2e7316c3b455719500fe64c39376248.jpg
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