Don’t Buy the Dip on BTCUSD just yet! There’s a lot of debate out there about whether or not it’s the right time to Buy the Dip on bitcoin and other cryptocurrencies… and Smart Money says ‘not yet’. We identified a few key levels for you to watch before committing any higher prices on the DXY equivalent of crypto. As we prepare for the Fed Rates to be announced this week, the DXY took its bull path back and activated our strategies for a strong Dollar Index. Be sure to watch the replay of today’s session to understand why it’s not the right time to Buy the Dip on BTC.
We hit our DXY targets and still see a continuation to the upside. We are looking at higher prices for this week, at around the ( members only ) level, and we may even go to the ( members only ) level. Keep in mind that we may get a pullback in between… we showed you where during the live session.
We still prefer GBPUSD, and we are targeting the imbalance at the ( members only ) range. There may be a few redistribution days, but don’t be mistaken… if we see a pullback, it’s not a reversal.
NZDUSD has hit our target, and we see another continuation to the downside at the ( members only ) level. However, we do still have some imbalances left to fill on the upside around ( members only ) as a pullback zone. Feel free to scalp GBPNZD or any other NZD pair if this happens.
EURGBP has turned around with Friday’s candle, if you followed along you would have seen the exercise that we took here at exactly the ( members only ) level. We are seeking higher prices at around ( members only ). Going forward, we are looking to see that all down candles are getting respected for an immediate target at the ( members only ) level.
USDCAD has drawn higher. We identified a Wyckoff accumulation on the 1H, and it’s gone through the breaker on the 4H. We can potentially see a draw at the ( members only ) range… any pullback is subject to buy.
We are currently in scalp mode on GOLD, and demonstrated how to apply some of these during the live session. GOLD can still rally into the ( members only ) level… but DXY is on a rally, so one has to hold off. We might be in consolidation here for a while while DXY rallies (the strength of the DXY wont allow GOLD to drop). Any small pullback on DXY can send GOLD up to close the gap at the ( members only ) area.
As we mentioned earlier, Smart Money said “don’t Buy the Dip on BTC yet!” We hit our BTCUSD targets again, and price keeps plowing down. Let’s aim for the ( members only ) level as the next draw on liquidity. There is a small order block with a gap in the ( members only ) range, so watch out for a swing low to form here. Make sure to watch the replay of the live session in the portal for a detailed breakdown.
Turning to Crypto, we see that the markets are oversold right now. We’ve closed a LUNA short position in profits where we were shorting from ( members only ) area. If you’re still short, you may want to start considering taking profits on your position as we may have huge swings over the coming weeks. The markets do not look like they have bottomed yet, but if price does bounce back, it can be a huge retracement. It’s better to size down or stay on the sideline during these market conditions.
For those who are dollar cost averaging, some key assets to watch are LUNA, ONE, ATOM, NEAR, FTM, and CRV. We don’t have to long yet, nor do we need to change to a bullish bias. We just need to recognize when the market is getting too stretched in either direction. Again, it’s best to have patience and stay on the sidelines in cash for now, and to be prepared to pull the trigger when the time is right.
Don’t forget, there is some seasonality info to consider on CHF, as price usually starts dropping from the 27th of Jan, so expect some weakness.
And there’s a ton more of currency, crypto, commodities and other indices left to go over, paid members get to follow along with the trader daily inside our trading portal.
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