Good morning! ☕
Let's see how we are doing today. Yesterday the movement after the ADP was exactly as I told you with the fake move at the beginning of the trading session of the stock market up to 99k in #BTC and then down to 96Kish. When I see in the posts related to the financial calendar that I am bearish or bullish, I mean intra-day. It's not about long-term trends.
Also yesterday we had a services PMI below expectations at 52.8 compared to 54.2! So here, in relation to ADP, we had good news. But since ADP>PMI as importance, we didn't have any change of direction. Today the story may change. We only have the unemployment claims, which besides not having such a big impact on the market, I don't think they will turn out badly either. And when I say bad, I mean that there should not be a few, which would be good news = bad news.
Therefore, considering other factors, such as TA, on chain and heatmap, today I tend to be more bullish than bearish. 📈
Long-term, I don't think anything has changed after the weekend liquidations. A bull run does not end like this. As a time frame compared to the past cycles, we are in the graph. We also noticed yesterday the $ETH holds up much better than BTC and also on declines. This may be a sign that his turn is coming. After him, the rest follow.
Dominance $BTC had a super blow off top at 64%, and according to TA, this is what a top and reversal looks like. I don't dispute that it can still grow, the next threshold being around 70%, but I wouldn't count on it.
So all in all, things are not as dark as they seem. We'll see what the labor market figures tell us on Friday.
