TrendmasterOfficial

Monday Market Update: Bitcoin continues in its high range as ETH starts to regain some important levels after doing a deep drive down and retest. TradFi indices are still holding levels as the DXY retests its yearly open, completing a 3 drive to the downside. The expectation is that markets will continue unless local structure is broken on the TradFi Indices in which case a strong dump to fill volume gaps is likely. Bitcoin is continuing to squeeze to the upside and until major levels are broken such as $35k there is no expectation of market retracement. This upside bias will change immediately if $35k is lost and bearishly retested.

General Market update focusing on Bitcoin. Bitcoin breakdown is still not being supported with significant spot buying as the March dump was, overall volume is low. ETH looks much worse however has the ability to gain some local levels and move higher. Both BTC and ETH are ranging and building liquidity. The SP500 and the Nasdaq are still rallying and have the ability to regain significant levels, however, higher timeframe they are both overdue for a retracement. Locally they are having an upside bounce but generally and higher timeframe they are still having a retracement. The Dollar Currency Index is still strong continuing it's rally from mid July. the DXY is generally looked at as having inverse correlation to TradFi and Crypto with both experiencing highs as DXY made its mid July lows. The DXY is currently at resistance from the Yearly Open and any gain of that could indicate further downside.

Market Update - BTC, BTC1!, ETH, SP, NQ, DXY Quick market update focusing on Bitcoin and covering BTC CME Futures, ETH, SP, NQ, and DXY. Effectively Bitcoin is still holding the $30k support and trend does remain to the upside, with major news events starting Wednesday with inflation data, we are expecting an increase in volume/volatility. Overall we did breakdown from the range high but until the $30k support is lost and bearishly retested the overall trend remains to the upside. TradFi is also holding its ranges continuing the rally, until higher timeframe structure is lost the expectation is that the upside trend will continue until proven otherwise. Generally we have hedged off BTC longs with some shorts from $31.2k and higher, we are still net long but have taken some profit in the upside of the range last week as a precaution. The play is the range until proven otherwise.

Little bit of a video update since we couldn't do a stream today Normie markets are retracing hard as Crypto is sideways buildingliquidity to the upside and downside. A bit of a no trade zone for me unless you're looking to short the local resistance and long the support. Downside continuation is expected however, I would still like to see a bit more of a bounce to retest levels that we dumped through quite hard.Back tomorrow at 13.15 UTC for a Live Stream

Terra UST was the 3rd biggest stable coin and lost its $1 peg causing LUNA to spiral Once UST lost its peg from $1 to for example $0.50, someone could buy 100 UST for $50 and redeem it for $100 of LUNA and then sell that to USDT — making money on the arbitrage.This essentially is what triggered the Death Spiral for LUNA because the price of LUNA is dropping with the peg, it became race to redeem for LUNA before the value drops belowthe redemption priceThe UST peg failed for two main reasons:Curve pool imbalance (On Chain Selling)350m UST was swapped for USDT using the Curve protocol. This left a disproportionate amountof UST versus other stablecoins in the pool for users to swap against, thus lowering the value of UST "on-chain"Curve is a crucial piece of the DeFi ecosystem, allowing users and dApps to swap stablecoins efficiently. The massive selling of UST on Curve created an imbalance in reserves, leading to the value of UST falling below the peg on the protocol.The remaining portion of UST withdrawn from Anchor protocol was sold on centralized exchanges like Binance driving down the value on those markets as well (Off Chain)

BTC had a nice pump and 4hr close over 41kThere are some Daily S/R Levels where we are at nowbut nothing significant has been backtestedStill not convinced of a midterm reversal as we want the current4hr to potentially test 40.7k at a minimum and close over 41k or higher for bullish continuation. Nice to see some relief finally after a harsh 2-week downtrendBut nothing is confirmed yet, and we want the DXY to continue to dump to the downside as well as close 4hr or higher under 100Look for a 3 tap failure from DXY from its weekly open. Watch for BTC and ETH dominance to switch so increasing ETH.D and decreasing BTC.D with BTC either sideways or low volume upside to see ALTS get some needed relief.

Key Weekly level tapped after an incredible dump from BTC that took us back into the previous range. The Weekly Support test resulted in a big bounce. Rember this is a bounce from Mid to Low timeframes being completely oversold High timeframes can still come down, Current down trend reversal is not confirmedYet

BTC short squeeze to Yearly Open retestETH and DXY quick look Yearly Open retested CME Gap is STILL in play both above and below current Price Action

BTC had its big retracement for the day on Sunday 4hr flushed out late and weekend longs, but held the important level of 40.7k. ETH moved very similarly but rejected its monthly open Other than that just waiting for the NY open to see what thegeneral markets are doing, other than that we are still in this high timeframe range.

The FOMC meeting was for all intents and purposes a neutral/positive result at least in the midtermA .25% increase seems to have already been priced in, we just have to wait until the end of the week to see if that theory is valid. BTC gained the Daily S/R at 40.7k with a great previous daily close and currently holding the level We are still center range in the grand scheme of things Still locally long from the gain of the previous Daily S/R at 38.2k The medium trend is still up and even if we retrace to 39.6k with a wick and hold its would be a healthy retracement Bullish Daily would be testing/gaining 42k. If the "Boys" want to be mean and send it back down, expect a local grab of short liquidity before retesting previous local lows- Still in Scalp Mode, so take profits quickly and generously, and be aggressive and tight with your Stoploss