MACRO BEARISH PICTURE FOR BTC/ STOCKS
So BTC has been correlated to stock market especially to NASDAQ nearly perfectly. Very hard to predict any moves on lower time frames as we rely on traditional markets. Best to do is bid at the best monthly/weekly supports in low 30ks. Looking at two scenarios:
1. Either we bounce from low 30ks and continue crab range into the mid 40s
2. Or we capitulate below support, loose that level and then bounce back much stronger with new ATH target.
BTC currently still at the weekly support in 38k and it finds the bids there. Would definitely not short in that area until we lose 38k and then retest it. Patience wins the game so still waiting for 30ks to play out OR a move above 43k to show strength.
1. Either we bounce from low 30ks and continue crab range into the mid 40s
2. Or we capitulate below support, loose that level and then bounce back much stronger with new ATH target.
BTC currently still at the weekly support in 38k and it finds the bids there. Would definitely not short in that area until we lose 38k and then retest it. Patience wins the game so still waiting for 30ks to play out OR a move above 43k to show strength.
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