Morning all,
Not a great deal has happened since yesterday. We are still waiting to see if this Inverse Head and Shoulders play out which would see the Bitcoin price move to around $18000. I am not totally convinced that we will see a break higher at this stage.
SPX and ES1 are both trading under heavy resistance being at the top of the patterns. Tick tock for those to see if they can break higher. If they do we might well see a move higher from Bitcoin.
Short positions are still being stacked which goes against the current trading pattern which is looking bullish.
USDT dominance also moves higher suggesting that traders are moving back into the tether safehaven.
At the moment there is no clear direction so we have to wait for Bitcoin to signal its intentions.
If you have any questions let me know.
PLEASE HIT THE BOOST BUTTON IF THIS UPDATE IS HELPFUL
Simon BPOI
Not a great deal has happened since yesterday. We are still waiting to see if this Inverse Head and Shoulders play out which would see the Bitcoin price move to around $18000. I am not totally convinced that we will see a break higher at this stage.
SPX and ES1 are both trading under heavy resistance being at the top of the patterns. Tick tock for those to see if they can break higher. If they do we might well see a move higher from Bitcoin.
Short positions are still being stacked which goes against the current trading pattern which is looking bullish.
USDT dominance also moves higher suggesting that traders are moving back into the tether safehaven.
At the moment there is no clear direction so we have to wait for Bitcoin to signal its intentions.
If you have any questions let me know.
PLEASE HIT THE BOOST BUTTON IF THIS UPDATE IS HELPFUL
Simon BPOI
BPOI - CRYPTO TRADING GROUP