BTC loses steam at 31k and is now at support.
We rallied hard to 31k. We got stopped in our tracks and now we are having lower highs and lower lows. Overall this is the chart i am watching. Looks like we have a channel its honoring, we deviate above, come back in and deviate below. Next step looks like we could easily deviate below.
We break 26k area and 23k area is next.. after that you can see what areas are marked on my chart. I will swing trade these areas long and short.
Patience.. A bottom has not formed on the chart at all. We simply tagged bottom and flew when macro was dovish.. this was a correlated move with the DXY/2Year. Now the stock market is at resiistance along with $btc. When the stock market retraces, btc will follow. This will give some really great entries over the next 6-12 months.
I will be buying alt coins right before the feds about to pull the economy out of a recession. This wont happen until inflation comes down to their target and then i expect lose financial conditions.
Be patient. Be logical and do not FOMO. BITCOIN is not going anywhere without new liquidity entering the markets. Even if it rallies a few more %, eventually it will come back down to reality.
We break 26k area and 23k area is next.. after that you can see what areas are marked on my chart. I will swing trade these areas long and short.
Patience.. A bottom has not formed on the chart at all. We simply tagged bottom and flew when macro was dovish.. this was a correlated move with the DXY/2Year. Now the stock market is at resiistance along with $btc. When the stock market retraces, btc will follow. This will give some really great entries over the next 6-12 months.
I will be buying alt coins right before the feds about to pull the economy out of a recession. This wont happen until inflation comes down to their target and then i expect lose financial conditions.
Be patient. Be logical and do not FOMO. BITCOIN is not going anywhere without new liquidity entering the markets. Even if it rallies a few more %, eventually it will come back down to reality.
Comment:
For confluence take a look at volume, weekly RSI and macd.