$BTC Sunday update:
Big week ahead - FOMC meeting on Wednesday.
I'm leaning towards the idea of price forming a range here with a few deviations/traps until then.
Let me explain why I think we could see a spike to $61.6k ish before dropping later on the week.
Big week ahead - FOMC meeting on Wednesday.
I'm leaning towards the idea of price forming a range here with a few deviations/traps until then.
Let me explain why I think we could see a spike to $61.6k ish before dropping later on the week.
It's for sure a very difficult week to predict.
Even the markets are 50%-50% to decide whether is going to be 25bps or 50bps for a first rate cut.
I just posted on Telegram the reasons why I strongly believe it'll be 25bps and also why 50bps is bearish:
t.me
Even the markets are 50%-50% to decide whether is going to be 25bps or 50bps for a first rate cut.
I just posted on Telegram the reasons why I strongly believe it'll be 25bps and also why 50bps is bearish:
t.me
The liquidation levels are showing a lot of liquidation levels to the downside, all the way to $56.6k.
In the other hand, we have mid/low risk delta, it can go higher. And some liquidations at $60.5k & $61.6k.
Wipe out the liquidations to the upside > increase delta > reverse?
In the other hand, we have mid/low risk delta, it can go higher. And some liquidations at $60.5k & $61.6k.
Wipe out the liquidations to the upside > increase delta > reverse?
The orderbook aligns with this idea of a push above $61k first.
We can see that the liquidity in the orderbook is to the upside right now.
We don't know which sort of liquidity is (sell orders, SLs, TPs, liqs?) but we can guess that the upper one at $61350 are liquidations too.
We can see that the liquidity in the orderbook is to the upside right now.
We don't know which sort of liquidity is (sell orders, SLs, TPs, liqs?) but we can guess that the upper one at $61350 are liquidations too.
So ideally, I'd like to see price ranging overall, with a push to that area between $61350-$61.6k before or during FOMC.
Then after 25bps (most likely imo) are announced, Powell could be a bit hawkish and careful in his speech, and markets disappointed... triggering a reversal.
Then after 25bps (most likely imo) are announced, Powell could be a bit hawkish and careful in his speech, and markets disappointed... triggering a reversal.
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