Relief Rally Out Of Steam? Well, it seems like the relief rally might be either running out of steam or taking a big break. Trend lines are breaking all over the place!
At the time of writing the RSI uptrend and price uptrend has broken for Bitcoin, with a potential loss of the 50 day EMA on the cards.
Many altcoin charts are looking similar to this. Technicals would seem to be indicating that we are at least seeing a pause in the rally. And as usual it is not just crypto. The S&P 500 was just rejected at key resistance after putting in an overbought reading on the daily RSI.
The situation remains volatile as all bear market rallies are. I had hoped for a bit more bullish action here, but as they say “hope is not a strategy”.
Perhaps once the market chills out about what the FED just said we will see one last hurrah and Bitcoin can get to 28k? Maybe the Ethereum Merge narrative still has enough juice to provide one more good pump?
Remember there are lots of major macro events that are causing way too much uncertainty in markets right now. I remain cautious.
Burry Sells! It has been revealed that famous investor Michael Burry is completely out of the market according to Q2 filings. Burry has been pretty clear that he thinks things are going to get worse before they get better. Seems he is putting his money where his mouth is.
Fed Meeting Minutes: The minutes from the last Federal Reserve meeting are out and they confirm what we all knew but perhaps wanted to deny. And that is that inflation is likely to stay for a long time and that there is little evidence that inflationary pressures are easing. They also said they expect the unemployment rate to increase in the second half of the of year. Long story short, we are not out of the woods yet!
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