This isn't an overlay in-depth analysis. I just wanted to show that we have some key levels currently being respected. Losing one or both will have increasing levels of bearish implications for the market. We are setting higher lows, but we aren't reaching higher highs yet.
If this continues, it does reflect a growing bullish sentiment, but I think the FOMC this week (US government meeting to discuss strategy for tackling inflation) will be the near term decision point. If the government comes out heavy handed ready to rush into strong rate increases, strong tapering - we will likely see more downside. But if they come out less aggressive in light of rising oil prices, we could see a relief in crypto and other markets.
Remember- this week will be volatile, use stoplosses and trade safely.
If this continues, it does reflect a growing bullish sentiment, but I think the FOMC this week (US government meeting to discuss strategy for tackling inflation) will be the near term decision point. If the government comes out heavy handed ready to rush into strong rate increases, strong tapering - we will likely see more downside. But if they come out less aggressive in light of rising oil prices, we could see a relief in crypto and other markets.
Remember- this week will be volatile, use stoplosses and trade safely.
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