Hitting clear resistance here. We saw a bounce and the fundamentals today are strong. Key points include:
- Trump introducing a further 10% tariff against china, weakening perceptions of US-China negotiations and the stability and reliability of the US economy under Trump.
- FED introducing 0.25% interest cuts, first in 11 years. This effectively means more money circulating and inflation of the dollar, weakening the desire for anyone to hold USD backed assets or cash.
This likely means the market bias is up and bullish setups are more likely to succeed. If the resistance here holds, the descending triangle shape is likely to be heavily in play - usually these break in the last 30%. I'm kind of hoping we do see that happen which means a return to the support at 9100, but given how bullish things feel at the moment I'm unsure. If we break, I will probably make another buy on the re-test as I don't see us returning lower if that plays out.
This is crypto though, so...
- Trump introducing a further 10% tariff against china, weakening perceptions of US-China negotiations and the stability and reliability of the US economy under Trump.
- FED introducing 0.25% interest cuts, first in 11 years. This effectively means more money circulating and inflation of the dollar, weakening the desire for anyone to hold USD backed assets or cash.
This likely means the market bias is up and bullish setups are more likely to succeed. If the resistance here holds, the descending triangle shape is likely to be heavily in play - usually these break in the last 30%. I'm kind of hoping we do see that happen which means a return to the support at 9100, but given how bullish things feel at the moment I'm unsure. If we break, I will probably make another buy on the re-test as I don't see us returning lower if that plays out.
This is crypto though, so...