BTCUSD not a buy yet.
BTCUSD might have been a good wave to ride up due to the euphoria backed by a FED peddling "disinflation" and an overall rally in stocks.
Last inflation numbers are bad though and higher rate from the FED remain the main driver. This is the first time BTCUSD have to battle a strong USD getting lifted by "risk free" interest rates. Which money manager would refuse a "free" 5%/year just to stay in cash?
BTC might have something in its bag though as the halving is getting closer. These 2 fundamental drivers might collide but I'm not bullish yet on the the big picture. We remain under the 200 SMA (weekly) and we can see a clear rejection this week.
Wait for a break and retest on the weekly chart to get in and have a good probability to ride the next bull run. You can also buy right now if you don't mind BTC going back to 15K or 10K.
Last inflation numbers are bad though and higher rate from the FED remain the main driver. This is the first time BTCUSD have to battle a strong USD getting lifted by "risk free" interest rates. Which money manager would refuse a "free" 5%/year just to stay in cash?
BTC might have something in its bag though as the halving is getting closer. These 2 fundamental drivers might collide but I'm not bullish yet on the the big picture. We remain under the 200 SMA (weekly) and we can see a clear rejection this week.
Wait for a break and retest on the weekly chart to get in and have a good probability to ride the next bull run. You can also buy right now if you don't mind BTC going back to 15K or 10K.
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