Vic on Nostr: Still _meh_ on the daily after the hype. We're in a down channel. Nothing has changed ...
Still _meh_ on the daily after the hype. We're in a down channel. Nothing has changed since yesterday
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quoting nevent1q…5cn7I think this is going to be a _meh_ week, favouring bears more then bulls.
Bitcoin price still continues to strengthen on the daily. Some notables are the pending up-tick on the 50 day simple moving average as further confirmation that things are on the up and up. On the short term time frame there appears to me to be some weakening. While price action is above where it was a day ago, the reaction hours after Biden's announcement led to 68.5K levels before receding to 67.5K where we stand before traditional US market open.
We are now over 3 months post halving. Based on past cycles, can anticipate the main bull run to start taking shape in the next 2 to 3 months. I think this cycle is being front run/pulled forward however in part from the ETF launches early in the year and general hype. Nothing is priced in, and everything is partially priced in.
It's political conference season. Last week the Republican National Convention was held in Milwaukee. This week, the Bitcoin National Conference is being held in Nashville. And mid next month, the Democratic National Convention will be in Chicago. In general, the conference isn't a pump event and value typically comes down. Other down pressure events this week include the launch of Ethereum ETFs on the 23rd which may create sell pressure as "diversifiers" opt into a weaker horse on a short term speculation trade.
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nevent1q…jyhd