Wednesday is KEY!!
Nothing else really matters for crypto right now.
I am going to try keep this simple for newer traders.
On Wednesday we have CPI news, the Federal funds rate and FOMC meeting.
The FED funds rate will remain at 5.5%, this is a near certainty and priced in.
CPI data is expected to be as predicted with a possible drop of 0.1% in Y/Y
The FOMC meeting will likely state the rates will need further progresss, it could be volatile during the event but will likely just mean the FED needs more data in coming readings.(shocks do happen)
The Jobs data on friday which shook the crypto price was because this makes a July cut nearly impossible, it also makes it more likely we see 1 interest rate cut and not 2 this year.
If you dont understand interest rates, simply we want them to drop, it would lead to more money going into crypto.
My thoughts,
I feel the market is slightly bearish for most ALTs at the moment.
Important to note is the BTC spot ETFS have had 19 days of positive flows, to me this shows that institutional investors are still seeing value at $65k-$70k BTC prices.
I feel the large investors and funds are seeing BTC as a store of value and it is unlikely we see BTC dominance fall enough to start a parabolic ALT cycle.
At the CURRENT market prices i feel only BTC, ETH are worth investing a large part of your portfolio in.(Long Term)
I think other projects like SOL,BNB,TON,DOGE and a few others are also solid long term plays just not for most of your funds.
If you want to invest in other projects now i think only allocate 10-15% of your bankroll.(Long term spot)
I still hold many coins,tokens but all at lower prices, i think we might see further price drops in the weeks-months to come, i dont think we are currently in a dip.
This is just my view, i dont want to sway your decisions if you are making an educated and researched decision, i dont follow every crypto project so you might know a lot more about a certain project than i do.
I am always happy to answer questions.
Peace
