Crypto India Group Signals
https://cointelegraph.com/news/us-house-of-reps-to-deliver-verdict-on-infrastructure-bill-this-week
Very important for future direction of the market on the whole
If you’re conservative, a $45000 reclaim would be a good sign for trend continuation higher. $50000 would be the first trouble area, but there’s a good chance that it would break quite early and pave the way towards $54000-$59000 (the pre- breakdown range).
If you’re aggressive, the market looks like shit on a weekly close below $38200. Accordingly, if it starts to turbo nuke sub-$40000 (and into the mid-$30000 for a wick), that is where your risk-to-reward is maximised given the proximity to invalidation. If there’s no bounce and/or the bounce is weak and still closes below $38200, the bullish case is likely cooked and the probability that the preceding rally was a complacency bounce becomes very high.
In summary, above $45000 and below $40000 are the areas to look to do business on the long side. Everywhere else is less risk-defined and quite choppy.
If you’re aggressive, the market looks like shit on a weekly close below $38200. Accordingly, if it starts to turbo nuke sub-$40000 (and into the mid-$30000 for a wick), that is where your risk-to-reward is maximised given the proximity to invalidation. If there’s no bounce and/or the bounce is weak and still closes below $38200, the bullish case is likely cooked and the probability that the preceding rally was a complacency bounce becomes very high.
In summary, above $45000 and below $40000 are the areas to look to do business on the long side. Everywhere else is less risk-defined and quite choppy.
Fed Chair Powell says he has no intention to ban Bitcoin and cryptocurrencies !!
JUST IN - U.S. Federal Reserve reports RECORD $1.605 TRILLION reverse repo usage today.