BITCOIN LINE IN THE SAND
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BTC has lost the 1D 200 EMA for the first time this year which is a major TA trend Indicator.
On the daily timeframe we can see a clean breakthrough below on the first touch since October of last year, which initially is surprising as this level is seen as key support for keeping a bullmarket going. Now that BTC has fallen under the moving average we've seen attempts at breaking back above for the last 3 days in a row, and with FED chair Powell set to testify today and tomorrow along with CPI &PPI on Thursday and Friday respectively. It's quite a FED heavy week with can bring volatility to the market.
The ETH ETF is rumoured to begin trading next Monday (15th July) which could be the catalyst to get both BTC & ETH back above their 1D 200 EMA's. For now the general worry is that the selling pressure caused by the German Government and Mt. Gox is what is dragging price down. However, yesterday recorded a net inflow of 295m for the Bitcoin spot ETFs, the most in 21 days which suggest there are buyers looking to absorb those Bitcoins that are being offloaded.
I am still a little confused as to why the German Government have decided to market sell through an exchange instead of any OTC transactions, perhaps it's a play to shake out weak hands and make retail panic?
The FA is always complicated but I still believe that the bearish factors are more short term when compared to all the bullish more long term factors. Short term market selling vs long term supply shock caused by the halving, institutional investors and ETFs buying, US election and rate cuts.
CPI & PPI can be volatile news events for the market, I think it could be one of these events that could be a catalyst to reclaim the 1D 200 EMA, we've seen a full reset of the RSI since the rally of earlier this year. Historically these are all good long term entry criteria.
On the daily timeframe we can see a clean breakthrough below on the first touch since October of last year, which initially is surprising as this level is seen as key support for keeping a bullmarket going. Now that BTC has fallen under the moving average we've seen attempts at breaking back above for the last 3 days in a row, and with FED chair Powell set to testify today and tomorrow along with CPI &PPI on Thursday and Friday respectively. It's quite a FED heavy week with can bring volatility to the market.
The ETH ETF is rumoured to begin trading next Monday (15th July) which could be the catalyst to get both BTC & ETH back above their 1D 200 EMA's. For now the general worry is that the selling pressure caused by the German Government and Mt. Gox is what is dragging price down. However, yesterday recorded a net inflow of 295m for the Bitcoin spot ETFs, the most in 21 days which suggest there are buyers looking to absorb those Bitcoins that are being offloaded.
I am still a little confused as to why the German Government have decided to market sell through an exchange instead of any OTC transactions, perhaps it's a play to shake out weak hands and make retail panic?
The FA is always complicated but I still believe that the bearish factors are more short term when compared to all the bullish more long term factors. Short term market selling vs long term supply shock caused by the halving, institutional investors and ETFs buying, US election and rate cuts.
CPI & PPI can be volatile news events for the market, I think it could be one of these events that could be a catalyst to reclaim the 1D 200 EMA, we've seen a full reset of the RSI since the rally of earlier this year. Historically these are all good long term entry criteria.
Note
A daily wick breaking above the 1D 200 EMA, but retraced back and closed under. CPI soon, will the daily finally close above after wicking above.
Note
Another failed attempt to close back above the 1D 200EMA, resulting in over 1 week under the moving average.Even after a positive CPI print it wasn't enough to get back above.
Accumulation below resistance is often seen as a bullish move waiting to happen. With the German Government selling almost all of their position (That we know of) and price has only moved to just below the 1D 200EMA, coupled with Net inflows over the last few days I don't think this is a position to panic just yet.
Note
Now had 3 successive closes back above the 1D 200EMA, this is huge for BTC as it allows the HTF trend to stay bullish. This should help the broader market recover by giving traders a bit more confidence in their long positions/ entering here.
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