Market Update - BTC, BTC1!, ETH, SP, NQ, DXY
Quick market update focusing on Bitcoin and covering BTC CME Futures, ETH, SP, NQ, and DXY.
Effectively Bitcoin is still holding the $30k support and trend does remain to the upside, with major news events starting Wednesday with inflation data, we are expecting an increase in volume/volatility. Overall we did breakdown from the range high but until the $30k support is lost and bearishly retested the overall trend remains to the upside.
TradFi is also holding its ranges continuing the rally, until higher timeframe structure is lost the expectation is that the upside trend will continue until proven otherwise.
Generally we have hedged off BTC longs with some shorts from $31.2k and higher, we are still net long but have taken some profit in the upside of the range last week as a precaution. The play is the range until proven otherwise.
Effectively Bitcoin is still holding the $30k support and trend does remain to the upside, with major news events starting Wednesday with inflation data, we are expecting an increase in volume/volatility. Overall we did breakdown from the range high but until the $30k support is lost and bearishly retested the overall trend remains to the upside.
TradFi is also holding its ranges continuing the rally, until higher timeframe structure is lost the expectation is that the upside trend will continue until proven otherwise.
Generally we have hedged off BTC longs with some shorts from $31.2k and higher, we are still net long but have taken some profit in the upside of the range last week as a precaution. The play is the range until proven otherwise.
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