It's a store of excess dollars when the world is awash in govt stimulus. Tides going out for now.
True enough but that goes against the narrative that Bitcoin is a store of value, inflation hedge, reserve asset etc. Also, the percentage fall of BTC was 3x the Nasdaq (-4.3%) although inline with other spec tech plays like the ARK Innovation ETF
You're right, and Bitcoin is currently trading higher along with US futures as risk assets are attempting to bounce.The narrative lately (even in this thread) has been that it's a risk asset, hence its decline almost perfectly in tandem with TQQQ.
That’s an interesting analysis, and you could be right.Bullish Sentiment in cryptos is very poor atm. The correct ingredients in place to start a rally back to test highs. Last up down legs have broken into 3 waves which means the sideways pattern has not resolved. Looking to go long here
Its just matter for entry criteria to be met first as daily and weekly cycle price projection have been met, however weekly projection range does allow for more downside but not without a rally first from the daily analysis and that is what I am focusing on nowThat’s an interesting analysis, and you could be right.
From a technical standpoint, holding the former support and key psychological level of $30k yesterday was important in allowing for a potential bounce.
However, bitcoin’s ability to rebound over the coming months may come down to global sentiment and recession concerns. Even in the short-term, tonight’s US CPI print could be crucial as it will likely determine whether markets continue to brace for a more aggressive hiking cycle, or see fears over a 75bps Fed hike ease.
All trading carries risk, but it will definitely be interesting to see if this was the low or if there is still more downside to come.
Given the market reaction to a measly 50 basis point rise by the Fed, especially in the tech sector, and the likelihood of further interest rate rises over coming months, hard to imagine a strong rebound in risk assets. With a likely rigged CPI print now around 9% or more, the Fed will probably only pause if a broad crash in financial markets occurs in reaction to rising rates similar to the selloff in 2008/2009. Think it likely the Fed will be forced to pause at some point because of the huge impact rising rates will have in driving the deleveraging of a debt driven speculative asset bubble.Even in the short-term, tonight’s US CPI print could be crucial as it will likely determine whether markets continue to brace for a more aggressive hiking cycle, or see fears over a 75bps Fed hike ease.
China booming back after a lockdown is definitely one to look for.There's been three days of good numbers in china so there's a lot of speculation that their lockdowns will be lifted soon. As a result, the CSI300 is on the move, hstech is screaming, and U.S futures are all deep into the green with the NDX the highest.
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Crypto is therefore on the move too.
Yeah just tracking at about twice the rate of the NDX just like I showed earlier.
Futures bottomed at -1.2% and have recovered to -0.7% 4 mins before open so looks like the panic has subsided.
Good timing by your mate if he exited, Luffy is down -48% in the last 24hrs. When you're way ahead in a casino, it's wise to take some or all of your winnings off the table.On the 21st April 730pm a mate told me to buy luffytoken. I didn't bother as I lost interest in crypto. Damn thing pumped. He made a fortune. So there are still gains around.
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