$BTC has more liquidity to the downside, around $83.5k. I'm interested to playing long in that range. ๐ Let's see what happens when the US session opens.
U.S. government bond yields are spiking sharply. ๐จ That's bad news for $BTC and risk-on assets in general. We need them to cool down for the next leg up.
The $BTC Fear and Greed Index is currently at "EXTREME FEAR." ๐จ On the other hand, the stock market Fear and Greed Index is approaching the "NEUTRAL" zone. I believe crypto will catch up soon, as it appears very close to the bottom.
Market experiencing a heavy hit as of writing this. $ETH will likely look for a support on $2,900. Expecting that to hold for the next $3,500 push. ๐
$BTC is trying to break the LPSY (Last Point of Supply).๐ฅ Every time Bitcoin has hit this trendline in the past, it has been rejected and fallen lower. We need a strong break and close above this line, and to stay above it, for the next leg up๐
The $BTC liquidation map clearly shows significant liquidity resting on both the long and short sides. These are the moments when the market tends to get choppy and confused. ๐จ Bitcoin will eventually hunt both sides, itโs only a matter of timing. Stay cautious and make sure youโre using stop-losses.
The FOMC meeting is also taking place tomorrow. $BTC has already priced in a 25 bps rate cut. However, if we get a surprise 50 bps cut, weโll likely see a strong rally (though this is very unlikely). Otherwise, the market could go sideways.
The US 10-year Yield Curve is flying, and $BTC and other risk-on assets are bleeding ๐จ Our only hope is that it forms a double top, giving us another chance to rally
$BTC fear and greed index is still in โFEARโ Good sign for the market, we still have few room left to the upside. Market never goes into a bear market from "FEAR", so we still another rally left to the upside even itโs a dead cat bounce ๐จ
The last time the Fed stopped Quantitative Tightening (QT) was in October 2019, and we saw a strong pump in $BTC and other altcoins. Now that the Fed has recently decided to halt QT again, I believe we could see another mini altseason, similar to what happened last time.
USDT dominance got rejected from the exact top, like the previous time. Because of that, we got the pump from $81k- $89k. But it needs to break below that yellow trend line if we want to continue our bull run. ๐ $BTC doesn't have enough time; it needs big a catalyst to do so.