Let's start today with a simple statement: We would love to bullish Bitcoin (BTC). We think Bitcoin (BTC) has a lot of potential on the upside.
But here's the problem. Bitcoin (BTC) can not achieve a technical breakout. Specifically, Bitcoin (BTC) has not been able to climb above it's 200-day moving average near 8752. More importantly, Bitcoin (BTC) has not been able to get back above its 21-day moving average near 8286. The 21-day moving average is crucial for market momentum. So, if an instrument is above its 21-DMA, you can be more positive. We would be much more constructive on Bitcoin (BTC) if it could get above 8286.
So, what do we think can happen this week? We believe the Federal Reserve is going to start printing money and pushing it into the financial system. Right now, there is a shortage of Dollars in the banking system. As the Fed pushes money into the system, we think it will eventually be a positive for Bitcoin (BTC). The Dollars in the banking system, the more money there is to chase a speculative asset like Bitcoin (BTC) If it is not a positive for Bitcoin (BTC), then it is another point of concern.
Bottom Line: At this time, we are neutral on Bitcoin (BTC). We are hopeful that Bitcoin (BTC) can move above the 21-DMA so we can get a lot more bullish.
But here's the problem. Bitcoin (BTC) can not achieve a technical breakout. Specifically, Bitcoin (BTC) has not been able to climb above it's 200-day moving average near 8752. More importantly, Bitcoin (BTC) has not been able to get back above its 21-day moving average near 8286. The 21-day moving average is crucial for market momentum. So, if an instrument is above its 21-DMA, you can be more positive. We would be much more constructive on Bitcoin (BTC) if it could get above 8286.
So, what do we think can happen this week? We believe the Federal Reserve is going to start printing money and pushing it into the financial system. Right now, there is a shortage of Dollars in the banking system. As the Fed pushes money into the system, we think it will eventually be a positive for Bitcoin (BTC). The Dollars in the banking system, the more money there is to chase a speculative asset like Bitcoin (BTC) If it is not a positive for Bitcoin (BTC), then it is another point of concern.
Bottom Line: At this time, we are neutral on Bitcoin (BTC). We are hopeful that Bitcoin (BTC) can move above the 21-DMA so we can get a lot more bullish.