Inferno Tuesday market report
There have been big moves on the market with a rise above $12k — and Max Keiser predicting $15k this week.
Bitcoin has proven extremely strong this week, breaking multiple key resistance levels. On Saturday it pushed through the 50-day moving average. Yesterday, BTC broke the important $11.2k resistance zone, which marked the last lower high of this correction leg. There was a small correction when it touched the top of the downward-sloping resistance line from the recent high of $13,880, located around $12k, but this morning it broke through it convincingly.
The next target is the recent major high of $13,200, followed by a renewed attack on the year’s high and a break of $14,000. Max Keiser is optimistic, having predicted $15,000 is incoming.
Ideally, we need to see the daily candle close above $12,000 to make sure this isn’t a fakeout (as appeared to be the case yesterday). But bitcoin seems to have ended its correction stage, making a move higher on respectable volume. Right now the daily RSI is still below 70, meaning this leg of the rally may have a little further to go, before BTC retraces and/or consolidates.
Alt death
Of course, there’s a downside to bitcoin’s strength. Alts are atrophying market share to BTC. The King is just getting more and more powerful, and there’s no sign of Alts Season. Bitcoin Dominance stands at 69%, and has been trending upwards ever since the bull market started in April. Max Keiser predicts Bitcoin Dominance could hit 80%.
Meanwhile, there are shenanigans afoot in the global markets, which is likely helping to drive interest in BTC. Gold has hit a 6-year high on economic worries. The Chinese Yuan is at 10-year low, leading the US to brand China a ‘Currency Manipulator’. There’s evidence that Chinese citizens are buying BTC, to try to store value as the Yuan is devalued further.
Lastly, Litecoin’s halvening is today. Watch what happens closely with Litecoin, because it can be a signpost or early warning for what later happens with Bitcoin.
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