Bitcoin jumps 5% on the day as former bitcoin bear bank, Morgan Stanley has purchased nearly 30,000 shares of the Greyscale Bitcoin Trust (OTCMKTS:GBTC) which appeared in their recent SEC filing causing the crypto to fly 6.15% this morning. They are one of the first banks to hold and offer crypto to their clients as the adoption of bitcoin becomes more and more prevalent. Additionally, Cathie Wood, founder of Ark Invest, has filed to the SEC to offer a Bitcoin ETF in the midst of a crypto craze taking place in the United States and the rest of the world.
Most of the crypto market seemed to have shrugged off these worries of countries tightening regulation as it does serve as the market becomes more recognized. The cycle from bullishness to bearishness is very harsh in the crypto market, so you never see mild changes in direction. Bitcoin's volatility is usually severe, but I have a bias that it will go to the upside while the China crypto news dies down.
Bitcoin has been able to successfully break above a double top and is now testing resistance on the 200 SMA. This recent move above resistance is a key indicator since the pair can now come down to this level for support. If price continues to climb, extra resistance sits at the $37,800s.
Stellar did break out of its trend line and is heading towards resistance on the 4H. New support lies around 0.272700 or the recently-broken falling trend line. And the big resistance line is around 0.298946.
Ethereum is now testing resistance on the 4H chart and looks like it has strength in momentum to test the 200 SMA. New support lies around $2,042, and big resistance is much higher around $2,837.
This morning at 8:30 am Eastern Time, the United States’ Bureau of Economic Analysis released even more bullish USD news. The Core Personal Consumption Expenditures (PCE) Price Index, which measures changes in prices for consumers (excluding volatile food and energy prices), rose more than expected month-over-month. A 0.5% increase was expected for August, with 0.6% […]
A strange series of events recently sent the United Kingdom’s Pound Sterling tumbling to historic lows. Just weeks after the death of Queen Elizabeth II (a head of state who was uniquely well-liked among the UK’s population by contemporary standards) Kwasi Kwarteng, Britain’s new chancellor in recently appointed Prime Minister Liz Truss’ administration, issued a […]
Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]
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