U.S. stocks were a cacophony of gongs and drums and a blaze of fireworks last night—everything was booming, and it almost felt like the bull market was back, ready to lift everyone to the moon. Then, after the bell, Comrade Jensen Huang dropped another bombshell: Nvidia plunged after hours, sending fresh panic through the entire supply chain.
All right, back to the point. Did a lot of you think yesterday that the bull was back and things were looking up? But with the Nasdaq leading the way, the crypto market bounced around a couple of times only to end up right where it started.
Now, really back to the point: in the short term, the key thing to watch for BTC is how it breaks below 70,000 and how much volume accompanies the move. That will determine what comes next for BTC and the broader crypto market. If 70,000 breaks on heavy volume, BTC will most likely languish in the 65,000–68,000 range. If it prints a high-volume rejection wick at 70,000 and a big bullish four-hour candle engulfs the losses, the recent decline may be over for now and a rebound could begin. Note that I said rebound, not reversal.
Personally, since I’m holding short positions, I’m naturally bearish on what lies ahead. But I could be wrong, so keep a close eye on whether BTC holds or loses the 70,000 area. A major move will most likely come after Friday’s PPI data is released.
All right, back to the point. Did a lot of you think yesterday that the bull was back and things were looking up? But with the Nasdaq leading the way, the crypto market bounced around a couple of times only to end up right where it started.
Now, really back to the point: in the short term, the key thing to watch for BTC is how it breaks below 70,000 and how much volume accompanies the move. That will determine what comes next for BTC and the broader crypto market. If 70,000 breaks on heavy volume, BTC will most likely languish in the 65,000–68,000 range. If it prints a high-volume rejection wick at 70,000 and a big bullish four-hour candle engulfs the losses, the recent decline may be over for now and a rebound could begin. Note that I said rebound, not reversal.
Personally, since I’m holding short positions, I’m naturally bearish on what lies ahead. But I could be wrong, so keep a close eye on whether BTC holds or loses the 70,000 area. A major move will most likely come after Friday’s PPI data is released.