“Great things are done by a series of small things brought together.” ― Vincent Van Gogh
The mid-term outlook remains in play, with upside potential outweighing the shaky short-term. The Risk signal is at 0 as there is less selling pressure, and altcoins continue to react to the BTC-driven market.
We expect the price to continue ranging until we see a change in structure in the short-term framework. Bullish momentum is fading but has not turned bearish. The longer we hold at these levels, the less pronounced the short-term risk gets.
Better-than-expected NFPs (coincident economic indicator) suggests that the economy is robust and a recession is at least 9-12 months out. Furthermore, the cross-asset framework suggests that more pressure will ease off BTC as the DXY is moving sideways and rates are topping out.
This provides further leg room for BTC and alts to move higher, as there will be an incentive for risk-on allocation. More capital can flow and more major catalysts can drive the price; the countdown to Fed's interest rate announcement in July is starting.
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