Cryptonaire weekly magazine 242nd edition is out now
Expectations of an aggressive monetary tightening by the United States have sent the US dollar index (DXY) soaring to a 20-year high above 108. Arthur Hayes, former CEO of derivatives trading platform BitMEX, tweeted on July 11 that the parity between the US dollar and the euro could force the central banks to resort to yield curve control. That could lead to the disintegration of the currency and trigger a massive rally in Bitcoin. Hayes asked his followers to “be patient” as this could take time.
Several analysts believe that Bitcoin will turn around after the Federal Reserve reverses its monetary tightening. And for that to happen, inflation needs to come down. There is a silver lining for the long-term investors as the inflation expectation for the three-year ahead period fell to 3.6% in June from 3.9% a month
earlier, according to the New York Fed’s June Survey of Consumer Expectations published on July 11.
Bitcoin rallied above the 20-day exponential moving average on July 7 but the bulls could not build upon this advantage. The bears sold near $22,500 on July 8 and pulled the price back below the 20-day EMA on July 10.
The BTC/USD pair is trading inside an ascending channel pattern. The bears will now attempt to pull the price to the support line, which is likely to attract buyers.
If the price rebounds off the support line, the pair could rise to the 20-day EMA and then to the resistance line of the channel. The 20-day EMA is flat but the relative strength index (RSI) in the negative territory indicates a minor advantage to sellers.
If the price breaks below the channel, the bears will try to pull the pair to the strong support zone of $18,603 to $17,567.45. This remains an important zone to keep an eye on because if it cracks, the selling could intensify. The pair could then plummet to $16,000 and later to $14,000.
The bulls will have to push and sustain the price above the 50-day simple moving average (SMA) to indicate a potential trend change.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Solidus AI Tech
- Cardalonia
- AiBook.Art
- LunaOne
- DDC
- Globiance
Read More
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