Bitcoin broke higher overnight in a couple of legs up. We think that it is likely to be let go on the sell-side, and is probably the start of the real move.
With the S&P500 nudging higher overnight, USD ‘risk’ has been bid – although risk priced in gold has fallen overnight. We prefer the gold pricing which has been far more reliable.
Gold traded higher, and we expect it to break its high and trade higher into the Comex futures expiry on the 27th (Aug) – there are serious ramifications with the USD here as well.
Alts have still been bid with bitcoin.
Bitcoin has left behind the proposition that it would continue to trade the way it was sub $10k. There had been similar price action under $12k but we think that this bearish action is likely to be more unsuccessful from here, and bearish traders will have to lose their money somewhere else.
As per the chart – if our qualitative analysis is correct, Bitcoin should trade quickly to $14k.
Bitcoin last traded at $12,324
24 hr high: $ 12,473
24 hr low: $ 11,712
Bitcoin USD Chart
Ethereum is holding up suprisingly well considering 2x points.
- High transaction costs persist
- Vitalik spoke publicly on the difficulties of eth 2.0 in current tense
Also potentially being weak against bitcoin bullishness.
Eth last traded at $435
24 hr high: $ 447
24 hr low: $ 420
Ethereum USD Chart
Aave and Ren were bid overnight with Chainlink taking a breather
- Aave: $ 0.589
- Algorand: $ 0.597
- Cardano: $ 0.141
- Chainlink: $ 17.58
- Compound: $ 188
- Maker: $ 692
- Ren: $ 0.48
- Reserve Rights: $ 0.025
- Stellar: $ 0.115
- Synthetix: $ 6.32
- Tezos: $ 4.06
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