Weekly Outlook Aug12-19: BTC
Is BTC out of the woodwork yet? Not quite
Last week I posted my macro view on BTC. Lots of data showed evidence of a strong Q4 for BTC. However, we are still only mid Q3. Its quite early and seasonally speaking, there is usually rotation from large caps into smaller caps in August before an abrupt sell off in September. With lots of uncertainty looming about FED rates, elections etc. I think its too soon to suggest we go up only from here on BTC.
On shorter time frames, the corrective phase we entered in spring should be coming to a close. However, is 50k the end of the 'C' wave impulse? Could be anyone's guess. Preferably,I'd like to see bullish divergence before we march higher
Last week I posted my macro view on BTC. Lots of data showed evidence of a strong Q4 for BTC. However, we are still only mid Q3. Its quite early and seasonally speaking, there is usually rotation from large caps into smaller caps in August before an abrupt sell off in September. With lots of uncertainty looming about FED rates, elections etc. I think its too soon to suggest we go up only from here on BTC.
On shorter time frames, the corrective phase we entered in spring should be coming to a close. However, is 50k the end of the 'C' wave impulse? Could be anyone's guess. Preferably,I'd like to see bullish divergence before we march higher
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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.