Bitcoin’s Higher-Base After Power Breakout Looks Constructive, But Yen Rally Is a Risk For That
$BTC still shows a very constructive technical pattern: a power breakout followed by consolidation on a higher plateau. That’s typically how strength builds.
The concern is the yen. A sharper than normal JPY rally has real potential to trigger system wide deleveraging, and Bitcoin would not be immune.
I’m still looking to add to the existing long on a break of the September 3 high. I’ll be watching the BTC/Yen correlation closely. A hard breakdown of this range together with further yen strength would likely force me out of the long
Buckle up
$BTC still shows a very constructive technical pattern: a power breakout followed by consolidation on a higher plateau. That’s typically how strength builds.
The concern is the yen. A sharper than normal JPY rally has real potential to trigger system wide deleveraging, and Bitcoin would not be immune.
I’m still looking to add to the existing long on a break of the September 3 high. I’ll be watching the BTC/Yen correlation closely. A hard breakdown of this range together with further yen strength would likely force me out of the long
Buckle up
