✨⭐️ Crypto Trading Quant ⭐️✨
✨⭐️ Crypto Trading Quant ⭐️✨ 7 minutes reading from Bitcoin

Today’s Trading Outlook: Economy and Market Flow ✅

1. Today's Trading Outlook:

✅ ISM Services PMI ✅ DXY chart ✅ BTC chart ✅ Major Altcoins ✅ Crypto Money Flow ✅ Conclusion ✅ Cryptocurrency News

Read this thread to learn more 👀 👇

StocksToTrade Forex DayTrading Money Markets CryptoTrading DeFiNews NFTs alts

2. ISM Services PMI

Provides a detailed view of the U.S. economy from a non-manufacturing standpoint. Data in the index is not very volatile. Trends can go on for months, which is valuable for analysts who focus on making long-term economic forecasts.

3. How to trade the ISM Services PMI

Actual: 👀 Forecast: 55.5 Last month: 56.7

Above 50 shows growth

📉 Above forecast good for DXY / US dollar and bad for cryptocurrency such as Bitcoin and Altcoins

📈 Below forecast bad for DXY / US dollar and good for cryptocurrency

4. DXY chart

Price currently touching the black line, which was the major support and now acting as major resistance! The US dollar will want to try and break this major trend line in the coming hours and the ISM Services PMI could help this to happen.

5. BTC chart

Price failed to break the 28th Oct low and did a small pullback to the upside. In this period of time the major Altcoins pumped and made gains between 1 - 10%.

However, price expected to breakout of this range to the downside.

6. Altcoins

Alts making 20 - 50% gains today include:

NKN AR MASK BAND GTC LINA PEOPLE LIT FLOW MINA PIVX API3 INJ GAL

Major altcoins are making 1 - 10% gains.

Today is seeing a mostly green day in the CryptoMarkets with BTC failing to break the 28th Oct low.

7. Taking a look at Polygon MATIC chart.

It pumped 10% during the period Bitcoin did a small pullback to the upside and failed to break the 28th Oct low.

However, expecting BTC to continue to the downside.

8. Today's Crypto Money Flow:

Inflow:

Stable to BNB 271.1M Stable to MATIC 224.2M

Rest too small to mention.

Outflow:

BTC to stable coins 5.8B ETH to stable coins 2.4B DOGE to stable coins 402.8M

Rest too small to mention.

9. Conclusion:

Looking at the crypto money flow we can see altcoins pumping from the BTC small pullback. With amounts flowing between 1 - 272M into altcoins.

However, we can clearly see BTC and ETH selling and going into stable coins in the billions of dollars!

10. Conclusion (cont)

Therefore this is a short lived pump and dump to get some quick gains! Expecting the altcoins to loss their gains in the coming hours and BTC to continue to the downside! Confirmed by the money flow. Degens should collect profits.

11. Conclusion (cont)

The DXY will be hoping for a positive result from the ISM Services PMI news release later today, in order to try and break the major support trend line (now acting as resistance). In turn this will allow BTC to breakout of the range to the downside.

12. Cryptocurrency News

🚀 Ddomain name service SuiNS has launched on the Sui testnet and registrations are now open

🚀 Opera launches NFT analysis tool DegenKnows

🚀 ZoidPay receives 75 million investment commitment from Gem Digital

13. Crypto news (cont)

🚀 Since the upgrade of the Nitro network, weekly transactions of Arbitrum has accounted for 62% of the total number of Ethereum transactions

🚀 Over 340,000 addresses bought 63.7 billion DOGE at an average price of 0.09

14. Crypto news (cont)

🚀 Digital bank Chime announces 12% layoffs

🚀 ApeCoin DAO has voted for bug bounty program

🚀 BKEX will open the Spola PASS Series Blind Box event at 16:00 on November 5th

15. Crypto news (cont)

🚀 U.S. 2-year Treasury yield jumps to 4.9%

🚀 The number of bitcoins crossed to Avalanche via Avalanche Bridge has exceeded 4,000

🚀 Aptos processed nearly 10 million transactions last week

16. Crypto news (cont)

🚀 Asset management firm Trovio Group launches 35 million DeFi fund

🚀 RSS3 will help Arweave achieve cross-platform display of NFT information in Instagram

🚀 Crypto fund Protocol Ventures may close, has lost 90% of its funds in the past year

17. Have a great day and stay classy crypto traders!

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This post is based on this twitter thread.

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