Bitcoin at a relevant level
At this point, bitcoin can either start ranging between the levels I marked as "Jude's resistance" or breakout and consolidate above it. The second option is for the bull case. The first one leaves open both scenarios.
A sudden breakdown and consolidation below 40k would lead to a cold crypto winter, with retest, and maybe breakdown the current Microstrategy average entry at 27713 for 114,042 BTC.
As you can imagine, what they will decide to do with their BTC next time it will be approaching their avg entry will be critical for the mid-term sort of the market.
If they start selling, I'd not be surprised if we go touchdown 2019 High at ~13900. And that's still without a potential global economy domino effect triggered by Evergrande default.
On monday 4 till the next friday we will see if we keep on breaking correlation with SPX (magic moment) or if S&P500 will react, and possibly DXY calm down, then it supports the bull case.
If both confirm respectively the correction and the breakout they're currently performing, it will be hard times for crypto too.
It's not gonna be to go for new highs until this global market conditions stay. Till then, enjoy the (most probably bullish) weekend.
https://www.tradingview.com/x/gW6VBfOW/
A sudden breakdown and consolidation below 40k would lead to a cold crypto winter, with retest, and maybe breakdown the current Microstrategy average entry at 27713 for 114,042 BTC.
As you can imagine, what they will decide to do with their BTC next time it will be approaching their avg entry will be critical for the mid-term sort of the market.
If they start selling, I'd not be surprised if we go touchdown 2019 High at ~13900. And that's still without a potential global economy domino effect triggered by Evergrande default.
On monday 4 till the next friday we will see if we keep on breaking correlation with SPX (magic moment) or if S&P500 will react, and possibly DXY calm down, then it supports the bull case.
If both confirm respectively the correction and the breakout they're currently performing, it will be hard times for crypto too.
It's not gonna be to go for new highs until this global market conditions stay. Till then, enjoy the (most probably bullish) weekend.
https://www.tradingview.com/x/gW6VBfOW/
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