Hello all, I was expecting the sell off to continue - It did - but very briefly.
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BTC - S&P 500 correlation :
Btc was more bullish than SPX on the openning, the index have achieved Lower lows and BTC is on a bullish trend. Finally when the buying kicked off the index spiked and guess what ? BTC too !
Current situation :
Currently we can see that BTC has been pumping all day since the european sesion till the end of the American session. It has continued with Asians too, well at least at the moment I'm writing these words.
Speculation :
I think that we might see a slightly bearish movement in a form of correction since we have broken a significant resistance/support line before continuing up (this direction is represented by the blue line). Despite this bullish movement. I strongly think that the macro-economic factor is going to heavily impact the markets when the federal reserve starts hiking those rates again !
The first hiking might occur on the debut of May so the rally might continue untill then !
Before that, and after reaching the yellow cercle we can see the first important correction where we will be retesting the bottom grey line (the movement represented by the red arrow) or just continuing up. The green arrow to me is very less probable but not impossible !
Decision making architecture :
The thing that made me reverse today before taking my trading is the volume ! Not only BTC is pumping, but it is pumping with enough volume to give the trend credebility ! the S&P divergence and the volume made me go long.
Oh yeah I forget and one more thing ! I don't short the bottoms !
If you appreciate the efforts, hit that agree button, thank you.
________________________
BTC - S&P 500 correlation :
Btc was more bullish than SPX on the openning, the index have achieved Lower lows and BTC is on a bullish trend. Finally when the buying kicked off the index spiked and guess what ? BTC too !
Current situation :
Currently we can see that BTC has been pumping all day since the european sesion till the end of the American session. It has continued with Asians too, well at least at the moment I'm writing these words.
Speculation :
I think that we might see a slightly bearish movement in a form of correction since we have broken a significant resistance/support line before continuing up (this direction is represented by the blue line). Despite this bullish movement. I strongly think that the macro-economic factor is going to heavily impact the markets when the federal reserve starts hiking those rates again !
The first hiking might occur on the debut of May so the rally might continue untill then !
Before that, and after reaching the yellow cercle we can see the first important correction where we will be retesting the bottom grey line (the movement represented by the red arrow) or just continuing up. The green arrow to me is very less probable but not impossible !
Decision making architecture :
The thing that made me reverse today before taking my trading is the volume ! Not only BTC is pumping, but it is pumping with enough volume to give the trend credebility ! the S&P divergence and the volume made me go long.
Oh yeah I forget and one more thing ! I don't short the bottoms !
If you appreciate the efforts, hit that agree button, thank you.
Trade active:
Preparing my long at the range of 40,200 to 40,000
SL at 39,650
SL at 39,650
Trade closed: stop reached:
SL got hit !
