Top events that caught my interest last week
As you might know I’m mostly focused on the $FTM ecosystem.
And the biggest news came from $LQDR. There is no point in going into detail because Defi Naly has prepared a thread for us:
I’m also keeping a close eye on the macro economy. I believe the fed is still between a rock and a hard place and everyone’s watching closely their every action.
FOMC meeting minutes came out last Wednesday.
Two main points from them:
This week I’m looking forward mostly to two events. The GDP q/q and the Core PCE Price Index.
I like to read Ted’s take on the macro events. If the Fed concludes that the PCE has peaked it’s very likely that $BTC (and other risk assets) will go higher.
This would be a nice confluence with the technical analysis I have on $BTC (see below).
TECHNICAL ANALYSIS
DXY
As noted last week, I suspected that the DXY might go up. And it did.
So far it’s showing a strong momentum up. Until the price shows any weakness in the move up I’m expecting it to hit the resistance area.
VIX
VIX hasn’t changed a lot. It’s ranging below the 200 MA.
SPX
Moving further into the various confluences of resistance has turned the price around.
Hitting the 200 MA between the 61.8% and 50% fibonacci levels was the turning point.
Currently the price is at a minor support area, however, the momentum seems strong and there is a good chance the market keeps going down.
BTC
The expected market weakness to the upside resulted in the price falling off a cliff.
The 70% retracement level acted as a support level and I took a chance to take a quick long trade on the 15 min time frame.
A quick 2% profit.
On a longer time frame I will also be looking for long opportunities strictly from the TA perspective.
Fear & Greed Index
The index is lower than it was last week. I like to be a contrarian when looking at this and I’m looking for long opportunities when the market is in fear.
This is not, in any way, financial advice and should never be considered as such. I will not be held accountable for any trading decisions that you or others make.