Crypto Trades Fleh
Crypto Trades Fleh 4 minutes reading from Bitcoin

Why I’m Not Bullish Now – Not Because Of FUD…

I called this M on DXY at the start of the month, it played out as expected (even sooner than I thought tbh)

This is why I’ve been bullish on BTC since September BUT the narrative has changed and I’m NOT bullish now. Let me explain why…. 👇🏼 🧵

The dollar has been on a rampage with the FED hiking rates these past weeks. We’re likely to see another 75 BPS next week this is where the dollar will likely recover if it bounces from this level.

Watch the yellow trend line I’ve marked out, the last bounce from here was HUGE

What does this mean for BTC and other risk on assets? Nothing good.

A strong dollar will most likely continue to beat down the crypto and stock market until the FED pauses. I have been calling this pump up to grab liquidity pools at 21-22.5k for some time now which we now have

Could see one final leg up to grab the rest of the 22.5k liquidity but since we’ve finally reached this area, I have closed my longs as there is still more liquidity to the downside.

BTC dominance has dropped but is also likely to bounce support here so be careful with altcoins

This W on the SPX daily also played out as expected. BTC is still heavily correlated with SPX and will continue to match its strength/weakness.

We’ve tapped the 3800 liquidity and could still see 3900 but I think pullback from here is more likely.

Watch the green boxes below

IN SUMMARY:

•Liquidity pools on BTC and SPX taken, more room to upside but I’m playing it safer now

•Dollar finally dropped to key level, could find strength next Tuesday after rate hike.

•Play safe at these levels, I know it’s good to see a rally but watch out from here

This post is based on this twitter thread.

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