If crude oil can fall, Bitcoin can passively rise and turn you into an effortless winner—the kind with a 3.0 rating.
BTC’s choppy bottoming phase between 80,700 and 82,500 should be coming to an end. There’s no one-way trend; it’s moving entirely in tandem with three things: the Nasdaq, memory-chip stocks, and crude oil.
Two external signals:
1. Can MU, SNDK, and SK hynix stop their crash?
2. Can crude oil continue to pull back, easing inflationary pressure?
The key logic lately: crude oil is weighing on Bitcoin and U.S. stocks.
On the crude oil front, some of the earlier rise in geopolitical risk premium is now unwinding. Yesterday, oil fell to 96.8, Bitcoin rebounded to 83,000, and SNDK bounced to 1,400. Today, oil rebounded to 98.8, and Bitcoin and SanDisk pulled back again. As long as oil keeps bouncing around, high interest rates can continue to weigh on Bitcoin.
The game plan remains unchanged.
Bitcoin at 81,850 isn’t a good level to trade. Be patient and wait.
Look to go long on a pullback to around 80,500–80,300. Crude oil will probably come under pressure and pull back after rising to around 101 again, while buyers should step in around 80,500 for Bitcoin.
Look to go short on a rebound to around 84,000. Crude oil will probably bounce once after pulling back to around 95.94.
BTC’s choppy bottoming phase between 80,700 and 82,500 should be coming to an end. There’s no one-way trend; it’s moving entirely in tandem with three things: the Nasdaq, memory-chip stocks, and crude oil.
Two external signals:
1. Can MU, SNDK, and SK hynix stop their crash?
2. Can crude oil continue to pull back, easing inflationary pressure?
The key logic lately: crude oil is weighing on Bitcoin and U.S. stocks.
On the crude oil front, some of the earlier rise in geopolitical risk premium is now unwinding. Yesterday, oil fell to 96.8, Bitcoin rebounded to 83,000, and SNDK bounced to 1,400. Today, oil rebounded to 98.8, and Bitcoin and SanDisk pulled back again. As long as oil keeps bouncing around, high interest rates can continue to weigh on Bitcoin.
The game plan remains unchanged.
Bitcoin at 81,850 isn’t a good level to trade. Be patient and wait.
Look to go long on a pullback to around 80,500–80,300. Crude oil will probably come under pressure and pull back after rising to around 101 again, while buyers should step in around 80,500 for Bitcoin.
Look to go short on a rebound to around 84,000. Crude oil will probably bounce once after pulling back to around 95.94.