CRYPTO MECHANIC
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Trump Announced CRYPTO STRATEGIC RESERVE | Bitcoin Pumped Hard What Can We Expect Next?
Crypto market was showing weakness and Trump dropped the bomb on Bears. He made a post that US will consider adding Sol, Xrp, Ada, Bitcoin and Ethereum into strategic reserves.
Bitcoin and Ethereum pumped over 10% , Sol did almost 25% , Xrp did over 30% and the biggest gainer was Cardano with ove 70% move.
Isn't it funny how just one post move the whole crypto market? Just one post nothing actually implemented yet. Well that's the beauty of the crypto market, when it moves it can move hard.
This was the overview of why crypto market pumped our main focus in this article will be Bitcoin. We will briefly discuss charts and see what can we expect next.
BTCUSD (Monthly)
We had monthly close 3 days before so i it's good to start from the monthly chart.
The monthly candle closed below an important low last month. Keeping it short, I think as long as we don't see a monthly candle close back above $96.5k bears can take over from this zone. The monthly candle is only 3 days old and a lot more can happen in 27 days.
Looking at the monthly chart i don't see it favouring the bulls as long as we don't see a monthly close back above it.
BTCUSD (Weekly)
This is where everything is happening. Bitcoin was sitting around $85k when trump dropped the post and before that there were no signs that BTC will recover back inside the range before weekly close.
Lets just discuss the chart before i share my personal opinion. How i am and will be dealing with this price action.
Weekly candle closed back inside the range and technically there is still no break in structure as price didn't close below the range.
As long as it's holding above $90k, You can say the chart looks still fine.
BTCUSD (Daily)
Same goes with the daily chart. Price is now back above the key $90k zone and as long as it's above that. Bulls can expect continuation up.
Enough of discussing the chart now lets discuss how i will personally deal with this overall condition.
How i will deal with this situation?
We all know this move came from the trump's posts so i don't think chart will help much at this time as the news is less than 24hrs old. We will have to give it time and observe if the market will sustain this move or not.
I have seen countless time that sunday night pumps gets faded in the new week. This week is also somehow very important.
4th march Tariffs agreement7th march the first ever white house crypto summit7th march friday Non farm payroll (NFP) data release.
I think this week will be a lot more volatile.
Here is what i think can possibly happen.
Like i said $90k is really an important zone now. if price can sustain above it and starts to show strength again. It's likely that we will see continuation up.
For trade Execution
I think Break and hold above $95k high will provide a better trade opportunity because this will confirm that the trump pump was not just a short term move, price is ready to move more.
And if you pay attention. The daily chart is still within a downtrend as it didn't break the lower high and the last move up goes straight the daily supply zone.
If it Break Below $90k
Like i said $90k is an important level to watch on lower timeframe.
If price breaks below $90k and holds i wouldn't be surprised if the price starts to slow bleed again and fade this whole trump move.
This is it from my side, There is no need to rush, It's the first day of the week. Sit tight and observe what the market is doing and then take action when the time is right.
Bitcoin and Ethereum pumped over 10% , Sol did almost 25% , Xrp did over 30% and the biggest gainer was Cardano with ove 70% move.
Isn't it funny how just one post move the whole crypto market? Just one post nothing actually implemented yet. Well that's the beauty of the crypto market, when it moves it can move hard.
This was the overview of why crypto market pumped our main focus in this article will be Bitcoin. We will briefly discuss charts and see what can we expect next.
BTCUSD (Monthly)
We had monthly close 3 days before so i it's good to start from the monthly chart.
The monthly candle closed below an important low last month. Keeping it short, I think as long as we don't see a monthly candle close back above $96.5k bears can take over from this zone. The monthly candle is only 3 days old and a lot more can happen in 27 days.
Looking at the monthly chart i don't see it favouring the bulls as long as we don't see a monthly close back above it.
BTCUSD (Weekly)
This is where everything is happening. Bitcoin was sitting around $85k when trump dropped the post and before that there were no signs that BTC will recover back inside the range before weekly close.
Lets just discuss the chart before i share my personal opinion. How i am and will be dealing with this price action.
Weekly candle closed back inside the range and technically there is still no break in structure as price didn't close below the range.
As long as it's holding above $90k, You can say the chart looks still fine.
BTCUSD (Daily)
Same goes with the daily chart. Price is now back above the key $90k zone and as long as it's above that. Bulls can expect continuation up.
Enough of discussing the chart now lets discuss how i will personally deal with this overall condition.
How i will deal with this situation?
We all know this move came from the trump's posts so i don't think chart will help much at this time as the news is less than 24hrs old. We will have to give it time and observe if the market will sustain this move or not.
I have seen countless time that sunday night pumps gets faded in the new week. This week is also somehow very important.
4th march Tariffs agreement7th march the first ever white house crypto summit7th march friday Non farm payroll (NFP) data release.
I think this week will be a lot more volatile.
Here is what i think can possibly happen.
Like i said $90k is really an important zone now. if price can sustain above it and starts to show strength again. It's likely that we will see continuation up.
For trade Execution
I think Break and hold above $95k high will provide a better trade opportunity because this will confirm that the trump pump was not just a short term move, price is ready to move more.
And if you pay attention. The daily chart is still within a downtrend as it didn't break the lower high and the last move up goes straight the daily supply zone.
If it Break Below $90k
Like i said $90k is an important level to watch on lower timeframe.
If price breaks below $90k and holds i wouldn't be surprised if the price starts to slow bleed again and fade this whole trump move.
This is it from my side, There is no need to rush, It's the first day of the week. Sit tight and observe what the market is doing and then take action when the time is right.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.