Bitcoin remains our favored none correlated asset for the moment shrugging off the geopolitics that has dominated other asset classes. For now the dominant theme in the Crypto world is Bitcoin Halving where mining rewards for the crypto currency will be halved opening the potential for inflation at a time when the asset class is becoming mainstream. Note that previous halving were followed by an increase in prices bringing us to the current historic levels.
Resistance
- 73800.00 – Strong: Historical Highs
- 71296.08 – Moderate: Daily Highs
- 69519.71 – Minor: intraday consolidation high/low
- 67450.15 – Minor: intraday consolidation lows
Support
- 64501.00 – Minor: intraday consolidation lows
- 62552.21 – Moderate: intraday consolidation lows
- 62100.00 – Moderate: 50-day moving average
- 60698.69 – Strong: Range Floor
Given the range play for the past two months we will retain a buy on dips bias with stops under the 60698.69 range floor. Note market has opened the week with a downside gap that is in the process of being covered. A more aggressive entry will be to go long at market for an eventual test of 71296.08 area. A push under 60698.69 changes our outlook looking for a significant pullback.
