✨⭐️ Crypto Trading Quant ⭐️✨
✨⭐️ Crypto Trading Quant ⭐️✨ 3 minutes reading from Bitcoin

Today’s Market Manufacturing Outlook: Economy and Currency Direction

1. Tomorrow Cryptomarket Trading Outlook 👀

✅ Empire State Manufacturing Index. ✅ DXY US dollar setup to go down. ✅ BTC stuck in wedge pattern.

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2. Empire State Manufacturing Index.

Actual: Released 12:30pm Mon Forecast: -4.3% Previous: -1.5%

📉 Above forecast good for DXY and bad for crypto 📈 Below forecast bad for US dollar and good for cryptocurrency

📈 Below forecast and below 0% very good for BTC and alts

3. Empire State Manufacturing Index (cont).

Looking at the forecast it's suggesting that the result will be under 0% and worse than last month. So it's predicting a bad result for the US dollar and a good result for Bitcoin and Altcoins

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4. DXY chart.

Price rejected 4 times. Expecting price to bounce off the resistance a 5th time if the news on Monday is bad and below the forecast.

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5. BTC chart.

The price has been stuck in the purple wedge for sometime! The bears have pushed the price lower 4 times now. This week is a lack of news and bad news predicted for the US dollar. So if Bitcoin can't break to the upside, then expect ↘️

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6. Conclusion:

Ignoring all the Altcoins creating noise at the moment. What's important is whether Bitcoin can break out of the purple wedge to the upside with a lack of news and bad news releases for the US dollar. Otherwise expecting to go more to the downside!

This post is based on this twitter thread.


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