279 days ago

We've now tapped into daily demand with an initial bounce that was retraced somewhat. Although the price action may seem scary, logically this would be a solid area to bounce. The fear and greed index has also updated and is now reading 'extreme fear'. At most, we would expect a sweep of the August monthly low at 37,267. Bullish divergences are showing up on the lower timeframes, such as the m15 and H1 - but nothing yet on the H4 and Daily.
Given the bearish momentum that is present and the lack of buyer follow through, it is a dangerous level to attempt to knife catch, especially leveraged plays. We have added some BTC spot at these levels, but not a huge amount.
We think interest is there across the market for relief/upside given how strong alts seem to perform when bitcoin bounces - but it would be unwise to assume this is a reversal signal in itself. Bitcoin runs the show and we simply have to be patient here.

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