FOMC Day! This is how I'm going to play it.
In this newsletter, I will present the scenarios I expect for BTC and how I plan to anticipate the event.
The Week of Truth
Bitcoin remains in its consolidation range for over a month now, trying to bore everyone out of the market. FOMC this week could be the catalyst for a break in either direction. Beware of pre-FOMC volatility. Once price starts moving, it will likely be swift, like we have seen several times since the beginning of this year.
Altcoin Fiesta With Chainlink Breaking Out?
Recently, the markets have started to wake up as Chainlink broke out after the CCIP release. Earlier, XRP and XLM started their momentum and broke out of their downtrend. In this update we'll discuss whether other altcoins are going to follow suit.
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This needs to happen to reach 32K!
This needs to happen to reach 32K! Consolidation on consolidation on consolidation. In 2023, all markets are actually performing very well, and we see a continuous rise in the world of traditional finance (tradfi). Of course, crypto hasn't performed poorly either, as we've been in a strong uptrend since January. However, the market is simply challenging to maneuver, especially when it comes to the lower timeframe. We observe long periods of sideways price action, followed by explosive upward price movements. Currently, we are still in a consolidation phase, but personally, I believe that we can still see higher prices in the midterm. But what needs to happen to see higher prices for BTC and the overall cryptocurrency market? We'll make this clear by presenting the high timeframe picture in today's trade letter. Enjoy reading!
The Spark Alts Needed?
This week the Ripple (XRP) ruling that has deemed XRP not a security has sent massive waves across the market.
Altcoins Bull Cycle As XRP Wins SEC Lawsuit!
In this update we'll dive into the markets of altcoins, as those have been on a blast through the latest news on XRP winning the SEC lawsuit. We'll be diving at a complete overview of the markets of altcoins and we'll discuss a few specific altcoins that we can focus on.
Today, the Bureau of Labor Statistics will unveil the most recent consumer price index (CPI) for the month of June. The monthly index serves as an indicator of inflation, and economists predict a slight decline, which would be favorable for the Federal Reserve's efforts to manage inflation.
The Suspense Continues
Overall, the crypto markets have seen a significant recovery for the second consecutive quarter, recently benefiting from the positive influence of BlackRock's ETF application. This occurred despite ongoing challenges such as the regulatory closure of crypto custodian Prime Trust, multiple lawsuits against the leading global cryptocurrency exchange Binance, and the SEC's continued hostile stance toward crypto. Furthermore, this reversal of fortunes took place independently from traditional markets, as Bitcoin's correlation with the U.S. dollar, bonds, and stocks reached single-digit percentages, indicating sector-specific optimism.
In this edition of the trade letter, we will discuss the following altcoins: WOO, LINK, and UNI.