BITCOIN (BTC/USD): Bitcoin stuck under trendline resistances at ~ 69k or the Nov'21 high

Bitcoin is stuck under trendline resistances at ~ 69k, or the Nov'21 high. June's macro conditions could provide the next catalyst for bitcoin to make a breakout, per CoinDesk. Be aware, though, that a rejection from the trendline resistances could send bitcoin back down to retest the trendline support ~ 65k.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


Comments

Post a Comment

Popular posts from this blog

Thailand SET Index (NYSEARCA:THD): The Index is Going Nowhere!

Image
  The Thailand SET index continues to be stuck un d e r the trendline resistance. No breakout is expect ed before the end of the year . Beware that the index could be heading down to retest its 600-day EMA at 1584.83, if the relative strength (RS) between MSCI Thailand and MSCI Emerging Markets (EEM) weakens. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to see the latest update! .
Read more

SP500: Breakout-retest ahead of quadruple witching

Image
The S&P 500 bounced off the trendline support to close at 5, 638.94 on Friday , retesting the November '24 breakout. Note that the S&P 500 would be in correction territory if the index closed below 5,5 3 2.69 . Let's see whether the index can break above its 200-day EMA. It is quadruple witching next week and hence it could be very volatile. Be aware that the 2Y treasury yield is dip ping below its 600-day EMA, meaning the US could be entering a recession or already be in a recession. The current real GDP estimate for Q1 by the Atlanta Fed GDPNow stands at -2.4%. In the past 25 years, all three US recessions occurred after the 2Y treasury yield dropped below its 600-day EMA. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update !
Read more

WTIC Light Crude Oil: WTI crude prices tumble after Goldman Sachs slashes their price forecast

Image
WTI crude prices took a 4.35% dive to close at $ 67 . 12 a barrel on Monday after Goldman Sachs revised down its WTI crude price forecast for December from $89 a barrel to $81, citing increasing supply and slower demand, per CNBC. WTI crude prices could fall further to retest a trendline support at ~ $6 4.30 a barrel if U.S. and China economic data remains soft.  It remains to be seen whether the one million barrels a day oil production cut by Saudi Arabia, starting in July, will have any impact on crude oil prices at this level. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!
Read more