This is your weekly update!
Markets are waiting for Powell to speak on Wednesday. If he cuts interest, BTC and ALTS could make new ATH's.
It could perhaps kickoff a real ALT season. If he stays flat or increases interest, BTC and ALTS could correct a bit deeper.
Also I checked the funding rates at Velo Data (Great website). Markets are not overfunded anymore after last weeks corrections, meaning funding rates are restored and that could mean that traders are now ready to push the crypto market to higher levels.
How does the 1D chart look like today?
Ichimoku;
Cloud is green
Price is above the green cloud
Price is above the faster term blue line
Price is above the slower term red line.
All of the above is very bullish.
RSI;
RSI is coming down a bit. It can easily go deeper to the 30% zone.
What could be the Target?
As said, I think we go higher, but first we could take out the 59K line to raid the lows and get liquidity, after that we go up!
What does this mean for GRAZZP™ Strategy?
Strategy has changed (see my previous posts).
The main trend is bullish. Because this correction could go very fast, without changing the main trend, I won't take any USDT position to buy cheaper.
Lets see $BTC do a bit more correction and see the money flowing into ALTS guys!
Thanks all! And enjoy the week!