The crypto space continue to be see strange news with the wilder speculations having Donald Trump turning bitcoin into a US strategic reserve. It is worth noting that many of the top crypto execs are vocal Trump supporters though it is highly unlikely that even Donald Trump could get the Fed bureaucracy behind such a notion. For now we will note that the latest bounce in crypto appears to be losing steam and well short of the previous historic highs as notions of aggressive Fed easing has been belied by recent data from US consumers.
Resistance
- 71924 – High for June
- 69994 – Daily Low/High
- 68479 – Daily Dragon Fly Doji High
Support
- 66571 – Intraday Double Top Trigger
- 64949 – 50D Moving Average
- 63231 – Intraday Consolidation Floor
BTCUSD started the week with a Dragon Fly Doji in the daily charts suggesting that its recent bounce back into the May/June consolidation area may be over. Among indicators we have the daily stochastic crawling in overbought levels reinforcing the idea of a healthy rally but intraday we have more signs of a possible top as the 4H stochastic has come off overbought levels and the price charts form a double top. Consider a break of 66571 as a bearish entry to see BTCUSD slide further to the 50D Moving Averages. A push above the dragon fly doji high may be seen as an excuse for going long.
