After the July 7 close BTC quickly broke below the rising channel at 34.3k and is looking to hold the 33.4k horiz resistance, next 32.3k. BTC also broke down out of the wedge pattern it had been forming since mid-June.
The stock markets are beginning to show signs of stress, as breadth is decreasing while mega-cap techs continue their upward trajectory. 10Y yield continues to drop as the USD strengthens. If we enter a risk-off phase, it is highly likely that crypto gets hit hard but that BTC vs alt pairs should work as alts trade at higher beta vs BTC. Being nimble in any correction will be advantageous, as will having cash on the sidelines to scoop up bargains.
The stock markets are beginning to show signs of stress, as breadth is decreasing while mega-cap techs continue their upward trajectory. 10Y yield continues to drop as the USD strengthens. If we enter a risk-off phase, it is highly likely that crypto gets hit hard but that BTC vs alt pairs should work as alts trade at higher beta vs BTC. Being nimble in any correction will be advantageous, as will having cash on the sidelines to scoop up bargains.