24.75K and pullback

21 авг. 2023 г.

Morning folks,

BTC performance once again shows that fundamental factors always dominate over news stream and hype. First is, we've got first Jacobi ETF in EU - and nothing. Investors start doubt about explosive reaction on BlackRock and Fidelity ETFs, whether people will bring their funds there.
Second - while US yields jumped above 4% - BTC has collapsed. We expect further yields growth, rising CPI and possible another rates hike from the Fed this year.

Technically, current drop breaks the back of the bulls. Drop under 24K area will open road to 12-15K lows again.

Meantime, in short-term we expect reaching our final 24.75K daily target and moderate upside bounce then, as BTC could start forming big daily/weekly H&S pattern.