HiLo Morning Brief · Oct 23 — U.S. Equities Weaken as BTC Reverses and Retests 80K (1/2)
Good morning!
U.S. equities fell sharply overnight. As we have noted several times this week, after QQQ broke below its rising trendline, the rebound failed to reclaim 730. Technically, this looks more like a retest after the breakdown; the failed recovery also leaves room for further weakness. QQQ is now back near 700, the low of last month's consolidation range. Watch for support on the 4H timeframe. If U.S. equities remain weak on Friday, the market may have more room to correct next week.
Turning to crypto, BTC briefly tested the area near 84.8K yesterday before reversing sharply, giving back most of this week's gains. It is now back near 81K, and the 80K support area may be tested again in the near term. The market's upside momentum remains weak, participation has been limited, and no coin is showing a particularly strong independent trend. Price action remains broadly range-bound. If BTC stays under pressure as U.S. equities weaken, the two markets could move more closely in tandem; keep an eye on their correlation.
In the near term, watch support around 81K–80K for BTC, with resistance near 82.5K.
#HiLoMorningBrief $BTC #USStocks #QQQ #CryptoMarket
Good morning!
U.S. equities fell sharply overnight. As we have noted several times this week, after QQQ broke below its rising trendline, the rebound failed to reclaim 730. Technically, this looks more like a retest after the breakdown; the failed recovery also leaves room for further weakness. QQQ is now back near 700, the low of last month's consolidation range. Watch for support on the 4H timeframe. If U.S. equities remain weak on Friday, the market may have more room to correct next week.
Turning to crypto, BTC briefly tested the area near 84.8K yesterday before reversing sharply, giving back most of this week's gains. It is now back near 81K, and the 80K support area may be tested again in the near term. The market's upside momentum remains weak, participation has been limited, and no coin is showing a particularly strong independent trend. Price action remains broadly range-bound. If BTC stays under pressure as U.S. equities weaken, the two markets could move more closely in tandem; keep an eye on their correlation.
In the near term, watch support around 81K–80K for BTC, with resistance near 82.5K.
#HiLoMorningBrief $BTC #USStocks #QQQ #CryptoMarket