Bitcoin (BTCUSD) (3-day/8-hour)
Bitcoin continues to dribble along support, with no signs of a reaction from our green “buy zone” boxes on either of these charts.
Beginning to suspect that this range is invalid, and we could be in store for more pain deep into the $20ks, but time will tell. Whether it’s a summertime lull in interest or just the overall market being overextended & in need of further correction, time will tell.
The price action over the past two months has been increasingly compressed & “choppy”, taking out over-leveraged traders expecting a “big move” that just hasn’t come yet.
Ethereum (ETHUSD) (3-day/8-hour)
Ethereum has been slightly more entertaining to watch than Bitcoin but is pretty much the same: Sitting on support, with little to no reaction, and further downside seeming increasingly likely.
Fundamentals & Correlations
Taking a look at the Total Crypto market Cap(TOTAL) and the US Dollar Index (DXY), we don’t see much change either.
The total market capitalization of crypto as a whole remains flat, an indication of no new money entering the market as outside interest wanes.
With the $USD continuing to steadily rebound against other world currencies, giving a potentially bearish indication for all assets priced in USD.