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QUICK BREAKDOWN
🕑 Added 2023-05-01 10:09:02 +0000 UTCGood Morning all...
So Bitcoin came through with the breakdown over the weekend...
Now...Given that bitcoin has dropped lower...The markets are closed in europe and Uk, so the US will have free roam of the market.
Two things can happen:
No movement and it ranges or we get a retrace back up to continue lower later.
Draw your attention to the 7 day hyblock chart...It appears there is a "Step like" formation of liquidations being attacked...Remember, the market cant continously go down, there has to be a balance...So naturally a retrace is expected...
Longs are rushing to sell...Any retraces back up are traders in shorts looking to cover and take profit...
So the MM has a decision to make, does he allow the shorts to make money or is there more Long liquidations for him to take...If your in shorts, take profit, lock it in and add as price moves in your favour. Use the whole and half numbers as places to add positions as opposed to just waiting for it to move further away from your entry because there is a different psychology being triggered at different price points.
I will be checking in with you guys later...
Mad Love
T
Comments
If there are no vectors. Then we turn to the idea of the cycles or levels.
We assume that bitcoin will be the go to. But I believe that’s when the CBDCs comes into play.
Let’s consider the following. The simple statement that the us defaults on its obligations would rock the market alone. But they would never say that or admit to it. The economy is clearly turning down. The spanner in the works is the BRICS yet even that will take a while for it to come into play. So they increase the debt ceiling, it’s in the premise that the inflation is going to calm down and make life easier for them to manage their debt. Problem is they are simply moving the goal post. I think that if it doesn’t pass the senate, then there is a motive to purposely mess the dollar. But then too many people and institutions are tied up with dollar and we know they won’t allow their exposure to be compromised.
On EURUSD I'm projecting on the Daily cycle that we are in a giant 500 pip range LVL2 since the beginning of this year. Curious to see how this will play out. Can't really find many vectors for recovery to the downside. Makes me think they'll reset the 1HR markdown cycle at LVL2
thanks Tino
Out of curiosity, with the potential US debt ceiling increasing by an additional 15 Trillion (Pending it passes the Senate) how badly could this impact the markets short term? Surely its default territory leading to more institutional moves for bitcoin?
