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Market Color: ETH/BTC ratio is strengthening into this week's ETH Paris Conference and with EIP 1559 around the corner. ETH/BTC put in a strong double bottom at .055 (most important technical level in crypto) and has since recorded a higher low.
Market Color: The methodical fashion in which the market traded lower over the past few weeks raised concerns that the market would struggle to hold support. If BTC closes above the trend channel, technicals suggest the down trade is over.
Market Color: The crypto market selloff accelerates into support on the back of hawkish Fed rhetoric. The treasury market continues to rally with a flattening bias which points to an impending Fed mistake.
2/2 The BTC chart shows RSI closer to oversold than overbought as a downward trend channel forms heading toward support. With leverage largely reduced and volumes dropping we are in need of a catalyst. With bad news mostly priced in, the market is looking for a reason to rally.