After expectations were confirmed from the FOMC meeting on July 27 and some positive words were heard from the Fed, the price of BTC reacted with considerable bullish volume. Price has reacted again and surpassed the diagonal resistance created from the June and July major highs. Will BTC reach new highs in early August?
The current rising channel momentum has increased significantly from its confirmed reversal on July 26th. We are able to draw a new pitchfork to expect the next major reversal or a new high. Combining Andrew's pitchfork, channel momentum, and trend-based Fibonacci time, we might be able to see a reversal around 26100, on August 2, as BTC continues its slowly bullish uptrend.
Keep in mind that there may also be some bullish news for the cryptocurrency market in August, prior to and after the anticipated Ethereum merge.
"The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability." (ethereum.org/en/upgrades/merge/)
Below is an old private price prediction of mine for ETH for some reference on momentum.
We can also consider the current state of the US economy and how that might be significant. Global commodities are declining, US interest rates are expected to continue rising for the rest of 2022 to hedge inflation, the tech sector has generally been reporting strong earnings, and unemployment remains low.
Absolute confirmation regarding the US recession status still remains inconclusive in my opinion. Very slow growth into 2023 is what I expect.
Feel free to share your thoughts and opinions so we can compare the bulls and bears for a more accurate short-term expectation!
The current rising channel momentum has increased significantly from its confirmed reversal on July 26th. We are able to draw a new pitchfork to expect the next major reversal or a new high. Combining Andrew's pitchfork, channel momentum, and trend-based Fibonacci time, we might be able to see a reversal around 26100, on August 2, as BTC continues its slowly bullish uptrend.
Keep in mind that there may also be some bullish news for the cryptocurrency market in August, prior to and after the anticipated Ethereum merge.
"The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability." (ethereum.org/en/upgrades/merge/)
Below is an old private price prediction of mine for ETH for some reference on momentum.
We can also consider the current state of the US economy and how that might be significant. Global commodities are declining, US interest rates are expected to continue rising for the rest of 2022 to hedge inflation, the tech sector has generally been reporting strong earnings, and unemployment remains low.
Absolute confirmation regarding the US recession status still remains inconclusive in my opinion. Very slow growth into 2023 is what I expect.
Feel free to share your thoughts and opinions so we can compare the bulls and bears for a more accurate short-term expectation!
