cryptomedius
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Bearish Outlook? #BTC at 50/100 Today

My bearish reasoning for BTC a few days ago: - at 50 day & 5 week EMA - below 100 day SMA & 10 week EMA - below Volume Profile resistance - SPX in process of bearish retest of the resistance area & middle of the Bollinger Bands - DXY bullish retest of BB

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Where is BTC today: - closed above 5 week EMA - trading above 50 day EMA - potentially will close (today) above 100 day SMA - Volume Profile has no volume above (no resistance)

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SPX is still at resistance, BUT we will have today a golden cross (50/100 day SMA) - last time this happened was 2+ years ago.

It doesn't mean it will pump right away, but it is bullish for the medium/long term, so short term dip is for buying.

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DXY is now below the middle Bollinger Band (20 day SMA), likely will retest lower BB (bullish for stocks & crypto).

The US CPI is likely to be below expectations and could add even more rocket fuel for the pump.

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Taking all that into account, it seems that BTC is now more positioned for a further breakout, rather than the rejection I anticipated a few days ago.

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