BTC macro

30 Haz 2022

Quick Market Update: BTC continue being stuck in the tight range after rejected at range top. Relatively low vol after SEC announced that they were going to reject Gray scale's Spot ETF application. The news was already priced in as the market never expected them to say yes. On the 8H we can see that the BB continues to tighten and ADX is trading below 20. This often implies that a move is brewing and MM's are either accumulating or distributing . Just like the breakout to the downside followed through the 4hr bb pinch we last saw, we are expecting a similar move on the higher mid timeframes. Could be both directions. On the other hand, 1D still suggest us to trade within this range. Should expect ADX to come down while the market consolidates as well as the BB to narrow down-Don't expect a high time frame break out yet. Lots of support at the 20k area, Game plan for buying the slight deviations below support testing 2017 July high(19.7k) is still intact. Buy into weakness and sell into strength until we see any sorts of Daily, weekly or even monthly reversal candles is the most conservable play here.