The recent correction in
SXPUSD
was part of a market wide event triggered by volatility in
BTCUSDT
. We have now been squeezed into a range bound consolidation.
Potential outcomes in the short term:
I have been accumulating at the bottom half of the range and selling in the top half. This is also, IMO, a good long term hold.
Long term trend for
BTCUSDT
is looking bullish as it recently broke out to the upside on a long timeframe wedge, and it is likely to bring alts along for the ride.
SXPUSD
was part of a market wide event triggered by volatility in
BTCUSDT
. We have now been squeezed into a range bound consolidation. Potential outcomes in the short term:
- Remain range bound and essentially pegged to price action on
BTCUSDT
. Prevailing uptrend loses intensity, but not necessarily invalidated.
- Maintain prevailing uptrend and breakout of consolidation zone. Retest of local high around 5.0 if trendline support is respected, otherwise establish new range at higher bounds.
- Break below bottom of consolidation zone and break current market structure. New range established at lower bounds.
I have been accumulating at the bottom half of the range and selling in the top half. This is also, IMO, a good long term hold.
Long term trend for
BTCUSDT
is looking bullish as it recently broke out to the upside on a long timeframe wedge, and it is likely to bring alts along for the ride.