I hope you're all having a wonderful Tuesday, here's what I'm seeing in the charts right now..
- Bullish momentum has slowed considerably since last week
- Price action does appear to be forming a descending triangle, a BEARISH REVERSAL PATTERN
- A move up to $57.5K is expected before resuming formation of the bearish pattern
- Measured move of a break below support would take bitcoin under $46K
- Should bitcoin get a bounce at this level, it would make for a beautiful double bottom on mid timeframes setting the stage for new ATH's in April.
Open interest climbing again... BTC CME Futures are looking pretty bearish.
10yr Yields fall again today -DXY looking more bullish every day this week - SPX looking incredibly bearish, I expect a decent correction tomorrow and/or Thursday.
BTC has been strongly correlated to the performance of the SPX, should we see a severe correction tomorrow -I would expect BTC to drop as well.
This pullback is setting up for an incredible opportunity -possibly the LAST time bitcoin will see sub $50K prices.. (stress on word "possibly")
Cheers.
JNY
3candlecollective
- Bullish momentum has slowed considerably since last week
- Price action does appear to be forming a descending triangle, a BEARISH REVERSAL PATTERN
- A move up to $57.5K is expected before resuming formation of the bearish pattern
- Measured move of a break below support would take bitcoin under $46K
- Should bitcoin get a bounce at this level, it would make for a beautiful double bottom on mid timeframes setting the stage for new ATH's in April.
Open interest climbing again... BTC CME Futures are looking pretty bearish.
10yr Yields fall again today -DXY looking more bullish every day this week - SPX looking incredibly bearish, I expect a decent correction tomorrow and/or Thursday.
BTC has been strongly correlated to the performance of the SPX, should we see a severe correction tomorrow -I would expect BTC to drop as well.
This pullback is setting up for an incredible opportunity -possibly the LAST time bitcoin will see sub $50K prices.. (stress on word "possibly")
Cheers.
JNY
3candlecollective