Bitcoin (BTC) showed strength at the Wall Street open on June 8 as traders impatiently waited for a trend to emerge.
Bitcoin is still in the “no trade zone”
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair jumped to near $30,850 after the opening bell, helping to regain some ground lost in an overnight correction.
Nevertheless, Choppy trading conditions prevailed within a familiar range on the day, leading long and short traders to see higher risk on lower time frames.
For the popular Crypto Chase trader, this was a privileged period for the transfer of value to “smart money”, away from small-volume speculators and those with “weak hands”.
In a previous post on Twitter, he had advocated a hands-off approach until a decisive level was passed.
little interest in $BTC until one of these levels is breached. At that point, we watch for either continuation or price to re-enter range. If re-enter range, I expect the other side to fail and continuation in that direction (as drawn). I tend to lean towards left most drawing. pic.twitter.com/d5JgsAM4LR
— Crypto Chase (@Crypto_Chase) June 7, 2022
Little interest in $BTC until one of these levels is broken. At that point, we watch for continuation or price going back into the range. If it goes back into range, I expect the other side to miss and continue in that direction (as per the drawing). I tend to lean towards the leftmost drawing.
Crypto Trader Tony plot that $29,700 needed to hold as support for further upside momentum to come in.
“Simple playing field for Bitcoin”, added Cointelegraph contributor Michaël van de Poppe.
“Break $31,500 = $32,800 and/or $35,000. Support zones for longs probably $30,000 and $29,300 still. In the middle = no trade zone.”
Stocks were flat at the time of writing, with the latest US Consumer Price Index (CPI) still 48 hours away.
Laying out the possible reactions of the BTC/USD pair, the PlanC Twitter account identified a “neutral” effect of between 8% and 8.3%.
This CPI print on June 10, will be very interesting.
> 8.3%, short-term all markets tank (Bearish)
8% – 8.3%, slight dump or pump (Neutral)
#bitcoin #crypto
— Plan©️ (@TheRealPlanC) June 7, 2022
The CPI printout on June 10 will be very interesting.
> 8.3%, all markets sink in the short term (bearish)
8% – 8.3%, slight dip or pump (Neutral)
Japanese yen losses contrast with dollar weakness
In the macroeconomic field, The poor performance of the Japanese yen against the US dollar was once again in the crosshairs of crypto commentators.
Although the US dollar index (DXY) was unable to continue its recovery above 20-year highs, the USD/JPY pair reached levels not seen since early 2002.
The BTC/USD pair traded in more modest territory near the local highs prior to the May crypto crash, still far from its record high, as the dollar saw in November 2021.
Japan’s central bank is continuing a policy of quantitative easing, in stark contrast to the US and European Union, which aim to reduce their central bank balance sheets.
The third largest currency in the world is falling off a cliff vs. theUSD.
Make no mistake. This is the fate awaiting every fiat currency vs. the USD, and eventually the fate of the USD vs. #bitcoin pic.twitter.com/vZkN6Uyl5e
— Stack Hödler (@stackhodler) June 8, 2022
The world’s third currency is plummeting against the dollar.
Do not get wrong. This is the fate that awaits all fiat currency against the USD, and eventually the fate of the USD against #Bitcoin
“It turns out that the monetary experiment in Japan is not going too well,” answered analyst Jan Wüstenfeld.
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