I have dropped down to an hourly chart of ETH. The price path is starting to look impulsive to the downside, despite US Dollar weakness – I still expect a bottom very soon which implies macro regime change and crypto bearish. ETH was strongly rejected at key resistance yesterday and is starting to cascade lower. There has a been a failed retest higher and negative reversal in RSI (hourly) – price down, RSI up, poor ease of movement higher. Keep looking down near term.
2 December 2022
Bitcoin and other cryptocurrencies posted slight gains throughout the week despite news of BlockFi‘s Chapter 11 bankruptcy, with the world’s largest cryptocurrency surpassing the US$17,000 level before paring gains. At the time of writing, Bitcoin (BTC) is trading at US$16,904.57 (-1.41%) while Ethereum (ETH) is trading at US$1,272.34 (-1.21%). Major altcoins such as BNB, Avalanche […]
1 December 2022
In yesterday’s US Session, Fed Chair Powell indicated that interest rate hike tempo could slacken (i.e. not be overtightened) but the outlook for rate cuts was not on the table yet. This predictably saw equities push higher as shorts were covered frantically and the Dollar Index falter. The DXY chart below puts this into context. An 18-month cycle […]
1 December 2022
It’s imperative that the objectives and mandates across all three entities (GIC, Temasek, and MAS) are aligned before a clearer path can be charted for Singapore’s crypto industry and its stakeholders including retail investors.
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