Bitcoin bulls must pay attention now!
#Bitcoin has been in a bearish consolidation since mid June below the spike low in mid May (25,400). Bitcoin bulls should take note since we have been in a minor ascending channel since June 18th. The problem bulls may have since then is that risk appetite (SPX, stocks, etc.) has rallied substantially since mid July (see orange overlay line chart). Unfortunately for Bitcoin, it has not followed.
As we head into two key data points in the next few trading days (NFP tomorrow and US CPI next Wednesday) if the stock market bear market takes hold again, the risk now is increasingly for Bitcoin to revisit the 52 week lows at 17,600.
If you want to learn more about the Trader Funding Program and join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.
Steve Voulgaridis