Below are newsworthy events that caused the price of Bitcoin to move in either direction. Naturally, inflation worries create the potential for higher rates which is bearish for Bitcoin. Such concerns have caused Bitcoin to fall in price since March. Also, when Bitcoin funding rates spike, at least a minor top is near.
Expect Bitcoin to trade choppy and rangebound for the time being. This Friday's PCE will carry much weight since we have had three hot inflation prints in a row as well as the PCE being the Fed's preferred measure of inflation. The PCE report will impact Fed Chair Powell's testimony the following Wednesday. Major stock market averages will either roll over after their dead cat bounces should the PCE come in hot or will zombie bounce higher should the PCE match expectations.
Meanwhile, alt coins have had deep corrections after making huge moves late last year and earlier this year. In past reports and on the main crypto page, I had mentioned to always obey your stops such as with the use of moving averages. Some use the standard 10dma, 20ema, 50dma. Others use 9ema, 21ema, and 55 ema. What matters is not the length of the moving average but a moving average that is in line with your risk tolerance levels.
Expect Bitcoin to trade choppy and rangebound for the time being. This Friday's PCE will carry much weight since we have had three hot inflation prints in a row as well as the PCE being the Fed's preferred measure of inflation. The PCE report will impact Fed Chair Powell's testimony the following Wednesday. Major stock market averages will either roll over after their dead cat bounces should the PCE come in hot or will zombie bounce higher should the PCE match expectations.
Meanwhile, alt coins have had deep corrections after making huge moves late last year and earlier this year. In past reports and on the main crypto page, I had mentioned to always obey your stops such as with the use of moving averages. Some use the standard 10dma, 20ema, 50dma. Others use 9ema, 21ema, and 55 ema. What matters is not the length of the moving average but a moving average that is in line with your risk tolerance levels.