BTCUSDT to bounce off 20W SMA ¬11 Oct?
Updated
* BTCUSDT has been stuck in the doldrums due to DXY trending upwards.
* DXY will be meeting resistance soon, and may trend downwards ¬11 Oct.
* Previous mid-cycle consolidation periods in the 2013 and 2017 bullruns ended with bounces off the 20W SMA.
* Would we see continued testing of the 20W SMA and a reversal of DXY's current uptrend ¬11 Oct?
* If so, that would provide us with enough momentum to exit the mid-cycle consolidation phase.
* DXY will be meeting resistance soon, and may trend downwards ¬11 Oct.
* Previous mid-cycle consolidation periods in the 2013 and 2017 bullruns ended with bounces off the 20W SMA.
* Would we see continued testing of the 20W SMA and a reversal of DXY's current uptrend ¬11 Oct?
* If so, that would provide us with enough momentum to exit the mid-cycle consolidation phase.
Comment
* Despite BTCUSDT uptrending, it is still too early to be excited as we are only back at where we were last week. * Celebrate only when BTCUSDT breaks through the previous all time high and resistance at 74.3K.
Comment
** Do not long.
* Be wary of weekend pumps.
* Look out for resistance at 63.9K and 74.3K.
* Sell altcoins for BTC only when BTCUSDT corrects after going past 63.9K.
* Or, for a less risky approach, hodl your altcoins till BTCUSDT corrects after reaching new ATH.
Comment
* It's still wait-and-see time. And what better to do than to upskill oneself?* Here are two articles that reveal how much we do not understand about macroeconomics.
nytimes.com/2021/10/01/upshot/inflation-economy-analysis.html
federalreserve.gov/econres/feds/files/2021062pap.pdf
* Keep an open mind. Be flexible. Form hypotheses, then test them brutally and relentlessly. Pride is for losers. Winners go home and f*ck the prom queen.
quickmeme.com/img/10/10aa903e407347be3415b59227b9eb7ff2e7316c3b455719500fe64c39376248.jpg
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.