Morning market check, Nov 4 (US midterm results day)
$BTC wicked to $75,736 overnight on Binance, below the Oct 30 low of $76,326, and is trading near $76,450 as I write. Total crypto market cap is about $2.59T, down roughly 2.9% in 24h, with BTC dominance near 59%.
Two things I'm watching:
1) Fear & Greed climbed from 26 to 34 even as price dipped, so sentiment is healing faster than price.
2) Stablecoin supply fell about $11.5B in a month to around $291B per CryptoQuant data, which means less dry powder on the sidelines.
My view for this week: a daily close back above $78,000 opens $79,000 to $80,000. A daily close below $75,700 and I'd expect $74,000 to $75,000 to get tested. Until one of those breaks, I'm treating it as chop and keeping size small.
How are you reading the election result for crypto?
#CryptoMarket #Bitcoin #FearAndGreed #USElection
Not financial advice.
$BTC wicked to $75,736 overnight on Binance, below the Oct 30 low of $76,326, and is trading near $76,450 as I write. Total crypto market cap is about $2.59T, down roughly 2.9% in 24h, with BTC dominance near 59%.
Two things I'm watching:
1) Fear & Greed climbed from 26 to 34 even as price dipped, so sentiment is healing faster than price.
2) Stablecoin supply fell about $11.5B in a month to around $291B per CryptoQuant data, which means less dry powder on the sidelines.
My view for this week: a daily close back above $78,000 opens $79,000 to $80,000. A daily close below $75,700 and I'd expect $74,000 to $75,000 to get tested. Until one of those breaks, I'm treating it as chop and keeping size small.
How are you reading the election result for crypto?
#CryptoMarket #Bitcoin #FearAndGreed #USElection
Not financial advice.
