NASDAQ and SPX went down to test important support level and are creating a double bottom pattern while Bitcoin holds the crucial 17-20K range.
Both stocks and crypto are proving great opportunities for longs at macro supports, with agressive profit taking as the trend is still clearly bearish.
I am not betting on a macro reversal, rather i long at critical supports (bonus points if there is bounce signals) and take profit on lower timeframes.
If supports fails to hold then shorts will be much safer again.
Money flow decreasing and Current support (B) at 11K.
- If we bounce, take profit around 12.5K (A) (Rider Band Lower limit)
- If support fails , next support at 9.8K (C) Oversold line and previous higher high.
Identical to NASDAQ.
Testing an extremely important suppot, it's last big defense IMO during tne current downtrend. Moneyflow has been negative for months now but i do not see a reversal signal yet.
PS: there is a bounce signal flashing on the weekly timeframe, pay a lot of attention to this signal as it could indicate a probable bottom, we need confirmation first (candle close with signal still there)