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Bitcoins chart is incredibly clean here. However, we're posed with some intra-day problems that could turn some great looking set ups into a potential re-test. While I do believe we're in the clear here with a range low being held, we must be aware of longing into 64,000 and the issues it can face. Realistically, the better bet is to long the clearing of 64,000. The reason for suggesting this is due to the 200EMA that sits on the daily at this 64,000 level.
Rather than betting into it, you can always long slightly above it, which still gives us the same path and trajectory towards range highs, and towards the mid-range of 67,700. This would be our target for triggering a play like this. I have been ignoring my Pivot + 200EMA levels as I believe we are in the potential start of an aggressive rally, which means we need to be a bit more optimistic and daring.
With this being said, there is a clear intra-day resistance that can allow us a long from slightly lower (62,000 or so), and it is also a clear trigger to long above, which gives us targets much higher. For this reason, I don''t see a reason to play into it, especially on the weekend.
Some factors that have come to light this morning:
- China continues their stimulus package (more printing for a major economy)
- Funding back to 0.01 which is a heavy premium (think of all other times we've rejected from this funding premium, we want to see rates grind towards neutral or negative)
- Volume is unusually higher this weekend than typical weekend.
The FED, Covid, Chinese stimulus, elections… every single narrative we have discussed for years…
All irrelevant.
The halving cycle has done exactly what it should so far.
The rest has been noise for bitcoin, the world’s last free market, uncorrelated asset.