BTC - Uptrend or Fakeout? Pt. 1
A 3% move in BTC has never been more exciting and crucial! If we get it, we will have a higher high in the price and could be the start of an uptrend. Do we care how long it is in an uptrend? No, we just care that it might start moving up. So what do we need to see? Well we need to see the price break 9475 to see the higher high get put in. Anything under that is just a lower high and should be treated as a continuation of the downtrend. We are also closely watching the VIX to see what happens next there. We already know that BTC does not like rising equity volatility, so what are we seeing happening?
The VIX is catching currently catching support off a crucial level of around 25. If we want to see BTC go higher, we want VIX to break this level and continue to trend lower. That is the clue there! Now that we have explored price itself, what are we looking for in the indicators?
Happy trading!
Brandon Anderson
derzzycharts.com
The VIX is catching currently catching support off a crucial level of around 25. If we want to see BTC go higher, we want VIX to break this level and continue to trend lower. That is the clue there! Now that we have explored price itself, what are we looking for in the indicators?
Happy trading!
Brandon Anderson
derzzycharts.com
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