A question comes to mind........ When the US market opened, almost $580B was wiped out, will BTC show that pressure now? 🤔
Because the background is not very comfortable.
Oil price has risen to a 5-week high. At the same time, the September Fed rate hike odds have gone to 66.4%. And the US 2-year yield has reached an 18-month high.
When you look at the three things together, you have to stop a little.
Especially after giving a bounce, BTC is now reacting around the important Fibonacci level. Here is the real dilemma........ Will the bounce be able to hold, or will this macro pressure bring sellers back again? I don't want to assume any direction right now. Because if the level holds, then the current fear may be absorbed into the price very quickly. If weakness appears below the Fibonacci level again, the hope that has been created about this bounce may be proven wrong. And these are the parts of the market that I find the trickiest........ When everyone assumes an obvious direction, that's when the opportunity arises to pull liquidity in the other direction.
So now I'm just watching the reaction.
Oil, rate hike odds and 2-year yield - all are talking about pressure. But the final word will be given by BTC's price action.
Sometimes the chart just creates more questions before giving the answer........ 👍
Because the background is not very comfortable.
Oil price has risen to a 5-week high. At the same time, the September Fed rate hike odds have gone to 66.4%. And the US 2-year yield has reached an 18-month high.
When you look at the three things together, you have to stop a little.
Especially after giving a bounce, BTC is now reacting around the important Fibonacci level. Here is the real dilemma........ Will the bounce be able to hold, or will this macro pressure bring sellers back again? I don't want to assume any direction right now. Because if the level holds, then the current fear may be absorbed into the price very quickly. If weakness appears below the Fibonacci level again, the hope that has been created about this bounce may be proven wrong. And these are the parts of the market that I find the trickiest........ When everyone assumes an obvious direction, that's when the opportunity arises to pull liquidity in the other direction.
So now I'm just watching the reaction.
Oil, rate hike odds and 2-year yield - all are talking about pressure. But the final word will be given by BTC's price action.
Sometimes the chart just creates more questions before giving the answer........ 👍
