Big day tomorrow (Fomc) People are speculating that there will be a rate hike which is least likely in my opinion. They will likely keep it unchanged
Fomc conference will be something to watch, Trump wants rate cuts while economists expecting a rate hike. What Warsh has to say will be something to watch.
South Korea's stock market is all over the internet right now after its massive crash. Millions of traders got liquidated.
Media is now making fun of it as well. I opened the chart just to see what was going on, and price is now tapping into a weekly demand zone. Also checked if i can trade it on Binance so the ticker is available or both SPOT ( $EWYB ) and perps ( $EWY )
I do not want to limit myself to the crypto market only, so I've been exploring other markets these days. There are opportunities everywhere. The goal is to follow the best setups, regardless of the market.
Added it to my watchlist for now. I'll be watching the lower timeframes for signs of strength around this weekly demand zone before getting in and playing the bounce.
Big day tomorrow (Fomc) People are speculating that there will be a rate hike which is least likely in my opinion. They will likely keep it unchanged
Fomc conference will be something to watch, Trump wants rate cuts while economists expecting a rate hike. What Warsh has to say will be something to watch.
Crypto mechanic told you there is nothing going on it is just a range.
CRYPTO MECHANIC
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Bitcoin Weekly Update
Nothing has really changed in price. Bitcoin has been trading within this range for the past 8 weeks. Based on the weekly chart, I don't have a clear direction that tells me it's ready to move up or down. It is simply range-bound.
Once price gives a weekly close above the $66k-$67k zone, then we can start talking about some short-term upside based on the weekly chart. Right now, there is nothing on this chart.
I still believe this is less of a trading market and more of a market where you should be looking to accumulate Bitcoin for the next few months or years, depending on whether you believe the bottom is in or not.
Trading this chop will make you lose a lot of money if you don't know what's going on.
** Daily Chart **
Same price action. Range-bound. No clear moves. It's just a few green candles followed by some red candles, and people are flip-flopping their bias from bullish to bearish.
Last move came because of the war headline once again. But we can ignore that and simply focus on the chart, and the chart is doing nothing for now.
The way the price structure is developing, we can assume that a directional move is coming soon, probably this week, as we have the FOMC and some other news coming up.
There is no clear trade setup that I can confidently share. All I can say is: SURVIVE THE CHOP. Good times will come soon.
I think this week will be important for stocks. Last week wasn’t great. Structurally, everything still looks fine, but if the market continues lower this week, it could open the door to much more downside.
Nothing has really changed in price. Bitcoin has been trading within this range for the past 8 weeks. Based on the weekly chart, I don't have a clear direction that tells me it's ready to move up or down. It is simply range-bound.
Once price gives a weekly close above the $66k-$67k zone, then we can start talking about some short-term upside based on the weekly chart. Right now, there is nothing on this chart.
I still believe this is less of a trading market and more of a market where you should be looking to accumulate Bitcoin for the next few months or years, depending on whether you believe the bottom is in or not.
Trading this chop will make you lose a lot of money if you don't know what's going on.
** Daily Chart **
Same price action. Range-bound. No clear moves. It's just a few green candles followed by some red candles, and people are flip-flopping their bias from bullish to bearish.
Last move came because of the war headline once again. But we can ignore that and simply focus on the chart, and the chart is doing nothing for now.
The way the price structure is developing, we can assume that a directional move is coming soon, probably this week, as we have the FOMC and some other news coming up.
There is no clear trade setup that I can confidently share. All I can say is: SURVIVE THE CHOP. Good times will come soon.