Before reading this post, we recommend that you read our past posts.
Today Bitcoin breaks through a 3-month sideways pattern in the form of a bullish flag upward. Also, the local Triangle pattern was successfully broken.
All that remains is for the price to gain a foothold above these patterns during this week and then you can open the champagne 🍾
Bitcoin $BTC it remains to grow by some +3.75% to set a new price maximum. For example, $BNB already done it👍
We have put a lot of facts in favor of what is happening on this public channel, but if this is not enough, then keep a couple more.
🔍 Additional facts in favor of growth
If you are among those who are shorting the market or expecting prices to be much lower, then we hasten to disappoint you. Very soon, all short sellers will become additional fuel for price growth.
Moreover, in addition to all the facts listed in previous posts, there are new, no less significant facts in favor of the fact that growth is just beginning.
1️⃣ Dollar Index
This index successfully fell below the border of the medium-term ascending channel and long-term moving averages.
Thus, this index begins to form a downward trend, indicating a flow of liquidity from the dollar to other assets.
To make it easier to understand the influence of this index on cryptocurrencies, we have added a Bitcoin chart (orange line) to the index chart. As you can see, everything works like an hourglass; when the dollar index rises, Bitcoin falls and vice versa.
2️⃣ Number of open vacancies in the US labor market
In the last post, we talked about the fact that there is nothing more important than macro data, since it is from this data that the trends of the world’s central banks are set.
The US labor market has begun to weaken significantly.
Earlier, the head of the Fed said that it was a significant weakening in the labor market that would serve as a signal for the start of a rate cut.
This data is already enough for investors to start pricing in monetary policy easing.
3️⃣Inflows into BTC-ETF
Throughout May, liquidity was poured into Bitcoin at a small pace through purchases of the BTC ETF.
And just yesterday a record volume of $900 million entered into these assets, which only indicates the high interest of large capital in the desire to accumulate this asset.
Of course, there are also a lot of hamsters in the funds, but it would not be logical to leave them with nothing immediately after a short trading history of the BTC ETF.
🕯 If you are sitting without a position, then on any significant pullback we recommend entering the market, if of course they give it.
A bearish Wedge pattern is forming locally with the potential to fall to $69,200. Perhaps this will be your chance to enter the market, although such marks are far from ideal entry points 😉
🤟 Did you like the review or want to better understand cryptocurrencies and technical analysis?
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