BTC Pivotal point
BTC weekly chart is at a pivotal point. With heavy resistance in the 9.4k - 10.5k range it’s gonna be hard to break out for awhile. Volumes been really week, we could see a further retrace of this rally to around the 7.9k level or lower if volume continues to drop. Plenty of resistance below, I don’t see a drop below the 6.5k level. The fed has started to decrease daily bond purchases, and it has shown up in the slowed down the torrid pace of the markets. Any further decline will most likely lead to increased fed easing in the coming weeks and would reaccelerate the crypto bull market. I also believe volume to be down recently in the crypto markets due to the sudden resurgence and euphoria of the stock market in the last few months pulling traders away from crypto. But the shock to the economy we took was too great and more waves will follow soon. Housing and personal income continue to fall. With extended unemployment set to end on July 25th with no plans of an extension, be ready to take advantage of the coming crash with perhaps even greater stimulus in the near future. BTC and other crypto’s will benefit immensely from this. BTC to the moon, but be careful in the short term.
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