While the market awaits the reading of the Payroll this Friday 07/08, the crypto market is on hold. Analysts are still pessimistic about the next steps. Check out TradingView’s reviews.
Rogdan100
We are currently in a market where everything is one big “macro trade”.
Marking the ETH and BTC charts with key macroeconomic data releases from the USA (mainly inflation) show that we are VERY sensitive to the macro scenario.
Crypto is fully correlated with technology assets, represented by the QQQ index.
Precisely, $ETH has been trading at a correlation of 0.8 (1 is the maximum, where it copies all moves) and beta of 2.0 (that is, for every % that $QQQ moves, $ETH moves 2 times more , up and down) relative to Nasdaq and this is unlikely to change in the coming months as we don’t have many catalysts in sight for quite some time.
The network merge Ethereum (Eth 2.0) will probably only happen in November and the roadmaps related to sharding still have years to go.
The problem is that I believe the Nasdaq still has a LOT of room to fall. We are only 30% below recent highs, in 2008 we had a drawdown of ~45% and the environment today is much worse. It is very possible that Nasdaq will drop another 20%+, and thus $ETH will drop 40%+. Altcoins, which have a high beta relative to Ethereum, will fall further. (See full analysis).
Dayday
O BTC was created as a deflationary currency in 2008, but over time it was considered only as an asset. In the last year it has been declared by the world’s major banks as a store of value. If you look at the beginning of the history of the BTC for the screen price today, it is possible to say that it is deflationary, but its severe corrections make it impossible to use it as a currency when compared to the value of the dollar.
So a point to be noted that is very important for the BTC becoming a currency (apart from the scalability problem) is the problem of its volatility which is very high.
Anyway, if the BTC came to fight inflation and the market in general saw that… It should increase its demand and its value as the risk of high inflation increases (I’m not considering the Halving)…
Speaking of graphics, if the BTC break the 20mil, 22mil I believe in 2 possibilities. First correct until 15k or second break until 28k. If the second possibility happens, the 20k becomes support again. But there is a lot to go on, the chart is a little confused with the fundamentals due to the entry and exit of institutional investors, the exit of small miners who are unable to pay the mining costs due to the dollar price of the BTC. (See dynamic graph).
Leandro Sander
In a view of the daily ASX chart, we can see that the asset is very close to previous top zones confluent with the POC, so I believe in the test in this previous top zone. Considering that the asset is in a zigzag descending and tested its downtrend line (LTB), and then left a strong bearish bar on a 12h chart, I am interested in trading on the short end, I will look for the targets plotted on the screen, but if possible I will load a residual of the operation to the range of US$8.11.
I observe the most important zone for sales between $14.45 to $14.75, the reading of this study is invalidated with bars closing above $15.50. So above $14.45 I will look for sales opportunities, looking for a broad movement of a larger chart, in this case the 12h.
My idea here is to find an intraday entry gap with the lowest cost, than the bar presented at 12h. (More ideas on ASX).
Allan Jhones
The DOT price yesterday, on the H4 chart, rose to the expected point reaching the average of 50 (green line) which brought selling strength, leading the asset to correction. Now, the price remains within a small consolidation range but below the averages, which leads to a greater chance of a drop at 6.60 where the lower band of the bands of Bollinger. For a more consistent bullish scenario, the price needs to break out of $7 USD again. (Polkadot’s ideas).
Disclaimer: The analyzes presented here are studies only. They are not investment, purchase or sale recommendations, nor do they reflect the opinion of the media vehicle in which they are being published. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: Rogdan100, DDiey, Leandro Sander and Allan Jhones.
Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
