akeshi Fujimaki, a former adviser to George Soros, has said that Paul Tudor Jones is attempting to capture the big trend. According to Fujimaki, Jones’ recent
Following the recent growth and popularity of Grayscale’s Bitcoin Trust security in the past few months, investment firm Wilshire Phoenix has
Crypto market data daily view. Source:
For the past few weeks the
Bitcoin (
BTC/USD daily chart. Source:
The BTC/USD pair turned down from the critical level of $10,000 on June 10 and slumped to the 50-day simple moving average ($9,254) on June 11. Hence, traders should watch these two levels carefully because the next trending move is likely to start after the price breaks out of either level.
If the pair rises above the 10-day exponential moving average ($9,548), the bulls will try to carry the price to $10,000 levels. A breakout of the $10,000–$10,500 zone will signal the possible start of a sustainable uptrend.
Conversely, if the bears sink and sustain the price below the 50-day SMA a deeper correction to $8,638.70 and then to $8,130.58 is likely. A break below this support could attract further selling and result in a downtrend.
Currently, as the 50-day SMA is still sloping up, the intermediate trend favors the bulls while the short-term trend has turned indecisive as seen from the up and down movement of the 10-day EMA.
BTC/USD 4-hour chart. Source:
The bulls purchased the dip below the trendline (shown via ellipse on the chart) but they are finding it difficult to sustain the rebound. This suggests selling on any pullback by the bears.
In the short-term, the downtrend line is acting as a resistance. If the pair breaks above the downtrend line, the bulls might make one more attempt to carry the price to $10,058.52. This move could present a trading opportunity to the aggressive traders.
Conversely, if the price turns down and breaks down of the trendline, it will signal an advantage to the bears. If the price sustains below the trendline the bears will make another attempt to sink the pair below $9,078.96. If this is successful then a new downtrend is possible.
Tezos (
XTZ/USD daily chart. Source:
With this breakdown, the
If bears sink the price below the $2.5202 intraday low formed on June 11, a downtrend is likely to begin. The next support on the downside is $2.24, which was the intraday low made on May 10.
This bearish view will be invalidated if the bulls reverse direction and push the price back above the downtrend line. In such a case, the trend might turn range-bound in the near-term.
XTZ/USD 4-hour chart. Source:
The four-hour chart shows that the selling picked up momentum after the price slipped below the channel and further intensified on a break below the horizontal support at $2.8085.
On the pullback from the lows, the bears aggressively defended the 10-EMA, which is another bearish sign. If the bears can sink the price below $2.5202, the XTZ/USD pair is likely to pick up momentum on the downside. This could offer a shorting opportunity to aggressive traders.
However, if the bulls defend the $2.589–$2.5202 zone aggressively, the pair might rise to $2.70 and then to $2.7568 and remain range-bound for a few days. The bearish view will be invalidated if the bulls propel the price above the downtrend line.
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