Bottom line: Bitcoin long term structure continues to remain bullish against 3850 lows print in March 2020. The crypto has managed to hit 12100 mark taking out past resistance above 10500 levels. A corrective drop might drag prices lower towards 8000 levels as bears prepare to be back in control.
Fundamental Outlook:
Dow Jones had peaked towards 28160 yesterday before reversing sharply. The indice had managed to close flat around 27760 levels. SPX500 and NASDAQ also closed in the red down -0.50% and -1.50% respectively. Indices might face further selloff as Mr Biden announces Kamala Harris as his Vice President pick.
AUDUSD has been under pressure after hitting highs around 0.7250 mark last week. The exchange rate might face further pressure, if risk assets continue their selloff. Global equity markets remain vulnerable to another round of bearish wave as demand for safe haven US Dollar might be back. Furthermore, Gold has dropped below the $1900 mark, which might be US Dollar bullish, as we prepare to publish.
Technical Analysis:
Bitcoin might be preparing to produce a meaningful corrective drop after having hit 12100 mark recently. The crypto is trading around 11300 levels as we prepare to publish this update and might be looking to push lower towards 8000 mark. A break below 10500 will be encouraging to bears.
Bitcoin has rallied religiously since 3850 lows in March 2020. Bulls have remained in control and managed to carve a series of higher highs and higher lows through 12100 levels. Also note that past resistance at 10500 has been take out comfortably.
Bitcoin might be preparing for a corrective drop towards 8000 levels, which is also marked by the fibonacci 0.618 retracement of the above rally. High probability remains for a bullish reversal, if prices manage to reach there.
Most traders might have booked profits on the long positions taken earlier and remain flat for now. They might be waiting for prices to correct lower toward 8000 mark before initiating fresh long positions. Aggressive traders might remain short against 12100 mark.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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