Downtrend Started
Today we are seeing some bullish relief on the Daily, but the Monthly and Weekly total crypto market cap is pointing down from overbought on the stochastic. As well the weekly and monthly are both red (yellow in my case). Would advise to only be doing long scalps if trading today and be aware that you are trading against trend and is potentially very dangerous without stops in place even for spot.
On the longer timeframes we should see some big moves down to mid 20s for btc. And I would suspect we see some major relief from there, but then still one more trip down to grab liquidity before the markets start to move up in any significant way.
I'm suspecting stocks will also gap down again this morning as they did yesterday and dxy to show some strength.
On the longer timeframes we should see some big moves down to mid 20s for btc. And I would suspect we see some major relief from there, but then still one more trip down to grab liquidity before the markets start to move up in any significant way.
I'm suspecting stocks will also gap down again this morning as they did yesterday and dxy to show some strength.
Nota
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Except for the major relief idea from 20k. Bounce was much smaller than anticipated.
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