Latest talk among Bitcoin ETFs continue to focus on outflows with the past week seeing only one Wednesday with a net inflow of a mere $100 million as against the consistent withdrawals of late. We are forced to ask has walls streets clientele wizened up about holding the bag when the music stops. While crypto has created fantastic wealth for early adopters its a valid question to ask who will be driving the next surge up particularly as the choice of crypto currencies continue to grow bigger.
Resistance
- 71924 – High for June
- 70085 – Intraday Consolidation Low
- 67335 – Intraday Consolidation High
Support
- 65835 – 50D Moving Average
- 65008 – Friday’s Low
- 63509 – Intraday Consolidation High
Given how bitcoin closed Friday, bias for us is to call for further tests on the downside despite the weekend recovery that see us back inside the previous month long range play. With an oversold stochastic and a 50D Moving Average for a floor we will view a push under 65835 as an excuse to jump short paving the way for a retreat to the post halving lows at 56470. Absent any catalyst we will be holding off from suggesting buys until the said post halving low.
