Bitcoin is selling off today after closing below its symmetrical triangle on Monday.
Although the selloff intensified in the final hours of Monday’s session, BTC managed to close above support at around $33,400.
However, Tuesday is at risk of clearing those lows.
One thing I want to discuss today is the difference between risk-on and risk-off. They’re essential concepts every trader and investor should know.
We’ll look at where the S&P 500 is on the chart and how that may or may not fuel this next leg lower from cryptos.
I’ll also dive into the Chainlink and Cardano technicals.
Let’s get it!
Risk-On vs. Risk-Off
If this reminds you of the original Karate Kid movie, you’re not alone.
While these two terms may sound a bit abstract, they’re actually quite literal.
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