WHY I'M NOT BUYING BITCOIN YET: THE "X" FACTOR đđ§
The next big move from $BTC will not come just from the charts. Global tensions and the energy market are taking control.
Why am I waiting to enter? đ
Oil is the X factor right now. As crude rises due to fears of war and instability in the Strait and Iran, risk markets will remain nervous. If oil doesn't give way, inflation stays high and the ghost of recession in the U.S. looms.
Key Levels to Watch:
đ Resistance Zone: 71,500 - 74,000. If we break 71.5k with volume, the path to 74k is clear for the bulls. đ
đ Support Zone: 69,000 - 66,000. If we lose 69k, the most robust and psychological support awaits us in the 66k area. đĄď¸
â ď¸ CURRENT STRATEGY:
I choose to be cautious and bearish in the short term. It makes no sense to force trades in an unstable range while the macroeconomy is under pressure. My plan is to wait for a considerable correction towards solid support levels before looking for a safe long position.
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