10/7 BTC Market Update:
Don't panic too much; we're still in a wide-ranging consolidation.
This latest drop in BTC and ETH was driven by oil.
The reason is that a report just came out saying oil inventories are low, and the G7's reserve release won't even cover a day's consumption. This pushed oil prices up and $BTC , $ETH down.
Whether BTC forms a double top and plunges depends mainly on today's 4H price action (that is, the close and the candlestick pattern).
Key times to watch: 12:00, 16:00, and 20:00.
Because sometimes a breakdown gets reversed, and that takes time.
BTC is moving sideways in a range, with a range of 825–872.
In other words, BTC hasn't broken down, and there's no signal that the overall uptrend is over yet.
ETH is relatively weaker and has broken down. Let's see whether it can recover by this afternoon or tonight.
So let's keep watching. There are usually more false signals during the day; genuine signals often come around the New York open.
All I can say is that today is very important. Potential risk: if ETH can't reclaim the key support at 2626 today, there's a risk of a major pullback.
Don't panic too much; we're still in a wide-ranging consolidation.
This latest drop in BTC and ETH was driven by oil.
The reason is that a report just came out saying oil inventories are low, and the G7's reserve release won't even cover a day's consumption. This pushed oil prices up and $BTC , $ETH down.
Whether BTC forms a double top and plunges depends mainly on today's 4H price action (that is, the close and the candlestick pattern).
Key times to watch: 12:00, 16:00, and 20:00.
Because sometimes a breakdown gets reversed, and that takes time.
BTC is moving sideways in a range, with a range of 825–872.
In other words, BTC hasn't broken down, and there's no signal that the overall uptrend is over yet.
ETH is relatively weaker and has broken down. Let's see whether it can recover by this afternoon or tonight.
So let's keep watching. There are usually more false signals during the day; genuine signals often come around the New York open.
All I can say is that today is very important. Potential risk: if ETH can't reclaim the key support at 2626 today, there's a risk of a major pullback.
