In order to go long:
I want to see BTC push through the .5 fib convincingly as well as test that incoming after yesterday’s candle. You can see that I have overlayed BTC shorts on the same chart. They were inching up earlier, but have resumed the floor it’s been testing.
The S&P seems confused going into the weekend. Holding 4093 which was a major support this week, along with 4085, even though the waters were tested this AM. The Overnight Reverse Repurchase Agreements on the bottom show that the Treasury is not done and supporting this market heavily still. If equities can hold off from dumping, we may see the Crypto Total Market Cap test it’s Spring highs this upcoming Winter.
Right now the Total Crypto Market Cap is meeting resistance around 1.5T. The DXY has rallied slightly off COMC news on Wednesday that is still transitory, despite missing projections. If we can see the dollar lose some strength here we would see the S&P rally like we saw from Nov-Feb as well as in April, which would be fantastic. We can see the BTC .D is rising and it is yet to be seen if BTC .D will bounce off of 50%. If BTC .D can rage along with the Total Crypto Market Cap, I expect alts to be okay and BTC fomo to take place. Idiots that are holding too many alts and bought all the alt dips after purchasing the top will probably get burnt and I wouldn’t be surprised to see something similar to what we saw around Thanksgiving 2020 when the Crypto market sold off prior to it’s massive growth in late 2020 into early 2021.
Lastly, pending the EIP1559 upgrade on Aug 4th, I projected a price of 2500 a week or so ago (not on here, but I don’t really give a fuck – that’s still my target). I expect that day and for many traders to take this upgrade as a “sell the news” opportunity. However, if BTC breaks through the as I alluded to in the first sentence, this 2500 target may be smashed through. I would love to see 1559 force ETH to challenge previous ATHs, but we will have to wait on the market to open Sunday, in addition to what Crypto has in store for us over the weekend. For awhile, the only thing certain was a crypto sell-off during the weekend, but last week the market really recovered into what we have at the moment.