BITCOIN | Recent PA explained and BIG INSTITUTIONAL BUYING POWER
Hey guys,
Bitcoin PA has been quite corrective recently, we tried pushing up today with a big rejection of the $11600 zone and Jerome Powell's speach boosted temporarily the dollar up. The speach itself was about inflation and monetary policy, which remains unchanged and they enphasized, as they always do, that the FED will keep using all the resources it needs to make sure that the economy gets in good shape.
Right now, the Dollar has retraced a bit as so has Bitcoin, I expect this bottom to be held as a "double bottom" instentionally caused by institutions to buy the dip as cheap as possible. Let's see if we can breakout of the descending channel by tomorrow and get in a retest + 61.8% + S&R flip high probability trade.
What do you think ?
Talk soon,
Keep your risk managed
Bitcoin PA has been quite corrective recently, we tried pushing up today with a big rejection of the $11600 zone and Jerome Powell's speach boosted temporarily the dollar up. The speach itself was about inflation and monetary policy, which remains unchanged and they enphasized, as they always do, that the FED will keep using all the resources it needs to make sure that the economy gets in good shape.
Right now, the Dollar has retraced a bit as so has Bitcoin, I expect this bottom to be held as a "double bottom" instentionally caused by institutions to buy the dip as cheap as possible. Let's see if we can breakout of the descending channel by tomorrow and get in a retest + 61.8% + S&R flip high probability trade.
What do you think ?
Talk soon,
Keep your risk managed