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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 MAY: ASX to plunge as inflation fears trigger Wall Street rout | Growth aplenty as Plenti delivers positive cash NPAT for FY22 |

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 25 MAY: ASX to edge up | US stocks stumble on Snap, data | Alvo Minerals sets the wheels in motion at Brazilian Palma Project |

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 24 MAY: ASX finishes down 0.3pc, tech plunges 3pc | Monger Gold confirms copper-gold mineralisation at Providence prospect | Singapore April core inflation rises 3.3%, fastest in a decade |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 MAY: ASX to rise | Dow rebounds 600 points on banks | Blue Star nears approval to progress Galactica/Pegasus and Voyager helium wells |

    Chart of the Day: Pay Attention to Precedent

    Chart of the Day: Pay Attention to Precedent

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 MAY: ASX ekes out gain; Codan soars 14pc, Incitec tumbles | Archer Materials granted Australian patent for CQ quantum computing chip | Japan April consumer inflation beats BOJ target for 1st time in 7 years |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 25 MAY: ASX to edge up | US stocks stumble on Snap, data | Alvo Minerals sets the wheels in motion at Brazilian Palma Project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 24 MAY: ASX finishes down 0.3pc, tech plunges 3pc | Monger Gold confirms copper-gold mineralisation at Providence prospect | Singapore April core inflation rises 3.3%, fastest in a decade |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 MAY: ASX to rise | Dow rebounds 600 points on banks | Blue Star nears approval to progress Galactica/Pegasus and Voyager helium wells |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 MAY: ASX ekes out gain; Codan soars 14pc, Incitec tumbles | Archer Materials granted Australian patent for CQ quantum computing chip | Japan April consumer inflation beats BOJ target for 1st time in 7 years |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 MAY: ASX to open lower | Labor sweeps to power | EZZ works to catch e-commerce Southeast Asia growth wave |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 20 MAY: ASX closes 1.2pc higher, buoyed by tech | Nova Minerals unveils ‘significant’ lithium results at subsidiary Snow Lake’s project | Asian shares jump as China cuts key lending benchmark |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 MAY: ASX to slip as markets waver | Caravel confirms the copper keeps coming at Bindi West Limb |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 19 MAY: ASX closes 1.6pc lower; Wesfarmers, JB Hi-Fi tumble | Big-name investors, politicians embracing oil and gas | Indian shares fall nearly 2% on inflation jitters |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 MAY: ASX to plunge as inflation fears trigger Wall Street rout | Growth aplenty as Plenti delivers positive cash NPAT for FY22 |

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  • Charts
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 25 MAY: ASX to edge up | US stocks stumble on Snap, data | Alvo Minerals sets the wheels in motion at Brazilian Palma Project |

    Chart of the Day: Pay Attention to Precedent

    Chart of the Day: Pay Attention to Precedent

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 24 MAY: ASX finishes down 0.3pc, tech plunges 3pc | Monger Gold confirms copper-gold mineralisation at Providence prospect | Singapore April core inflation rises 3.3%, fastest in a decade |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 MAY: ASX to rise | Dow rebounds 600 points on banks | Blue Star nears approval to progress Galactica/Pegasus and Voyager helium wells |

    Chart of the Day: Pay Attention to Precedent

    Chart of the Day: Pay Attention to Precedent

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 MAY: ASX ekes out gain; Codan soars 14pc, Incitec tumbles | Archer Materials granted Australian patent for CQ quantum computing chip | Japan April consumer inflation beats BOJ target for 1st time in 7 years |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 MAY: ASX to open lower | Labor sweeps to power | EZZ works to catch e-commerce Southeast Asia growth wave |

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    Chart of the Day: Pay Attention to Precedent

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    Danny’s View:  $1.9 Trillion In Options Expired On Friday And The Bulls Were Saved

    Danny’s View: $1.9 Trillion In Options Expired On Friday And The Bulls Were Saved

    Danny’s View:  S&P 500 Finishes Lower After Choppy Session

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    From the Desk of Wyckoff Trader

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    Danny’s View:  Weak Retail Earnings Send The S&P And Nasdaq Down  Over 4%

    Danny’s View: Weak Retail Earnings Send The S&P And Nasdaq Down Over 4%

    Danny’s View:  ES Rallies 240 Points From The Low. How Much Gas Is In The Tank?

    Danny’s View: ES Rallies 240 Points From The Low. How Much Gas Is In The Tank?

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MrTopStep
Home Currencies Forex

Why Fears of Correction Still Dominate the Bitcoin Market Despite Big Rally

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January 7, 2020
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Bitcoin staged a sharp price rally this Tuesday as speculators continued to assess the likelihood of a full-blown military conflict between the US and Iran.
The benchmark cryptocurrency established a seven-week high of $8,000 on Coinbase, its best level in seven-weeks. The move upside brought its weekly gains up by 10.27 percent. The bitcoin futures trade, too, noted moves towards $8,100 after the price rally in the spot market.

It might be time to get out of Bitcoin's way.
— The Wolf Of All Streets (@scottmelker) January 6, 2020

Fundamentals Overview
Bitcoin’s gains coincided with similar upside movements across the traditional haven assets. Precious metal Gold yesterday hit its best levels since April 2013. At the same time, global benchmark Brent Crude Oil surged to reclaim its eight-month top albeit correcting downwards during the daily sessions since Monday.
Warren Patterson, head of commodities strategy at ING, told Financial Times that investors are gauging their sentiments on how Iran may retaliate to last week’s US drone attack. Meanwhile, their focus remains affixed to the signing of “phase one deal” on January 15 which may boost risk-on investments.
But that does not concern bitcoin one bit, at least according to Peter Schiff. The Euro Pacific Capital CEO highlighted the cryptocurrency as an offbeat asset driven largely by speculation, noting that no institutional investor is buying it as a safeguard against the US-Iran conflict.

Both #gold and #Bitcoin are up about 4% so far in 2020. Yet while gold stocks indexes are actually slightly lower on the year, GBTC, a publicly traded Bitcoin trust, is up almost 10% on the year. So, while gold stock investors are skeptical, GBTC investors are widely optimistic.
— Peter Schiff (@PeterSchiff) January 6, 2020

“Retail investors in GBTC are more bullish on Bitcoin than actual Bitcoin buyers,” tweeted Mr. Schiff. “It’s a good contrarian indicator that Bitcoin prices are likely to fall.”
Bitcoin Technicals are Bearish
While bitcoin’s latest price rally certain pushes it above crucial resistance levels, the cryptocurrency is still trending inside a very bearish channel, as shown in the chart below.
Descending Channel in Bitcoin Daily Chart | Source: TradingView.com, Coinbase
The bitcoin-to-dollar exchange rate continues to trend downwards in the greened Descending Channel pattern, confirmed by the formation of lower lows and lower highs. A broader outlook shows the pair reaching out to the upper trendline of the Channel. It is the same ceiling that has rejected bitcoin’s upside attempts on multiple occasions since June 2019.
That being said, optimists could enter a fresh long position towards $8,369-$8,500 range. At the same time, they could maintain their risks by placing a stop-loss order below the level at which they have opened the long position.
Meanwhile, a pullback accompanied by a volume boom could have traders open a short position towards $7,280 for a decent profit. A break below the said level could extend the downside target towards $6,500. The post appeared first on NewsBTC.

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