So the scenario from the previous post is playing out. 1.) BTC price “balances out” in market profile theory that simply means Bitcoin trades sideways at this level for a time, building value. Obviously, with the news, assets are under pressure. Interestingly the VIX volatility index is not violently ramping up. So far the selling has been orderly.

So. the last short term trendline failed. This is why I recommended putting in a stop if the trendline was broken in the previous post. As you can plainly see the January low has yet to be breached.

Possible trade entry for me.

1.) A speculative entry long trade just below 32933.33 and try to catch a potential double bottom.

2.) Enter long above the 9 day down trendline, if and when BTC price moves higher in the chart above.

One last thing. BTC seems to be highly correlated to the equity markets. To put into context how a non correlated asset class looks check out the price of GLD (gold). Gold has been rallying. Oil Same.