Technical cash redistribution
Morning folks,
BTC has bounced up from predefined area that we've discussed on Friday, but under external circumstances (you know what they are) jumped above our 21.5K target. Right now we do not see any fundamental shifts in BTC background. Current banking crisis promises nothing good to crypto in longer term. We treat US Treasury "saving fund" creation as a new way of QE, which means higher inflation in mid-term and more pressure on non-interest bearing assets.
Don't be tempted by recent rally on BTC, because most probable - this is just cash redistribution out from public deposits to crypto market, which should have temporal effect. Bulls theoretically could consider position taking based on current upside impulse, using minor retracement of recent rally up. While bears should sit on the hands for 1-2 sessions at least and see what will happen. Particular speaking - keep an eye on daily bearish grabber. If it will be confirmed today, downside reversal could happen much sooner.
BTC has bounced up from predefined area that we've discussed on Friday, but under external circumstances (you know what they are) jumped above our 21.5K target. Right now we do not see any fundamental shifts in BTC background. Current banking crisis promises nothing good to crypto in longer term. We treat US Treasury "saving fund" creation as a new way of QE, which means higher inflation in mid-term and more pressure on non-interest bearing assets.
Don't be tempted by recent rally on BTC, because most probable - this is just cash redistribution out from public deposits to crypto market, which should have temporal effect. Bulls theoretically could consider position taking based on current upside impulse, using minor retracement of recent rally up. While bears should sit on the hands for 1-2 sessions at least and see what will happen. Particular speaking - keep an eye on daily bearish grabber. If it will be confirmed today, downside reversal could happen much sooner.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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