BTC bounced off golden pocket
Updated
BTC is trading in a range of 25180 and 15500. It is holding this range since Aug 2022. If you draw a Fib extension on the daily the you will notice that it has currently bounced off the golden pocket which is a great sign for long traders.
Last week news regarding Alphabet's sharing dropping massively after the product test failure of their AI platform which caused a crash in SPX. That domino also caused crypto market to fall along. This was also a very needed correction since an unusual pump in the market. Now that we have bounced off a major level it is very safe to assume that we are going back to touch local highs again.
One thing which supports this hypothesis the delta shorts in futures market which are $10 Billion more than longs which is where market makers love to trap retail traders and liquidate or stop their trades out. I expect a retest of 22800 in short term and higher target of 25000 if CPI on Tuesday comes out to be positive for markets.
Fingers Crossed 🤞
Last week news regarding Alphabet's sharing dropping massively after the product test failure of their AI platform which caused a crash in SPX. That domino also caused crypto market to fall along. This was also a very needed correction since an unusual pump in the market. Now that we have bounced off a major level it is very safe to assume that we are going back to touch local highs again.
One thing which supports this hypothesis the delta shorts in futures market which are $10 Billion more than longs which is where market makers love to trap retail traders and liquidate or stop their trades out. I expect a retest of 22800 in short term and higher target of 25000 if CPI on Tuesday comes out to be positive for markets.
Fingers Crossed 🤞
Trade closed: target reached
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