Bulls retain the momentum
Fundamental analysis
Crypto remains extremely bullish for the year until new regulations pose restrictions or more inconveniences for owners of the 'new gold'. Long term Dollar failure pattern is still in play and bond yields retracing off the last highs throughout the week will only continue to boost more risk-on assets such as crypto.
Technical analysis
Further upside to round numbers 60 65 and 70, take profit 1 2 and 3. Watch for a trap low near 50 and then watch for seller failure patterns before adding more longs. With the high volume seen throughout each week in the market, we can expect the next one or two round numbers to be hit by the end of the month. That being said, I do not like to expect anything from the markets. If bears are able to take control of this market and show us a strong move lower, we can mark up the low and the high of the new hidden channel and take shorts off the top of that channel. Do not forget first test is the best test off the new channel.
Crypto remains extremely bullish for the year until new regulations pose restrictions or more inconveniences for owners of the 'new gold'. Long term Dollar failure pattern is still in play and bond yields retracing off the last highs throughout the week will only continue to boost more risk-on assets such as crypto.
Technical analysis
Further upside to round numbers 60 65 and 70, take profit 1 2 and 3. Watch for a trap low near 50 and then watch for seller failure patterns before adding more longs. With the high volume seen throughout each week in the market, we can expect the next one or two round numbers to be hit by the end of the month. That being said, I do not like to expect anything from the markets. If bears are able to take control of this market and show us a strong move lower, we can mark up the low and the high of the new hidden channel and take shorts off the top of that channel. Do not forget first test is the best test off the new channel.
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