Crypto Daily - After Treasury Secretary Scott Bessent had announced
on Monday that several trade deals would be made over the following 48
hours, President Trump has upped the ante once again by threatening any
countries with a 10% tariff if they do deals with the BRICS nations.
Japan and South Korea also received notice of potential 25% tariffs. Can
Bitcoin still surge to an all-time high in this kind of economic environment?
More turmoil in US trade deals
On Monday all seemed fairly serene as far as the long-running saga of US
trade deals goes. However, US President Donald Trump put the cat back
among the pigeons by announcing that any country that sided with the
BRICS nations in deals that were “anti American”, would be hit by a 10%
additional tariff.
Not content with this, the US president also
put allies Japan and S. Korea in the crosshairs, threatening a 25% levy
on both, to come into force on 1 August.
In the face of these impending tariffs, it might have been expected
that the Asian stock market would be feeling the pressure. However, the
opposite has been true. The Hang Seng Index is up more than 1% in overnight trading.
Another fakeout narrowly avoided
In the midst of yet more tariff uncertainty, the 4-hour chart for
$BTC shows that another fakeout has been narrowly avoided. The price was
able to cling to the upper trendline of the bull flag without a candle
body opening below. It seems that the price may just continue to roll
along the top of the trendline until such time as the bulls are good and
ready to send it skyward.
SMAs on the daily are in order ready for upside move
The daily chart is shown with the simple moving averages (SMA). This
illustrates that the 50 SMA (blue), 100 SMA (green), and the 200 SMA
(red) are now in order. All three of these SMAs should now begin to
angle upward, following the price as soon as it starts surging.
At the bottom of the chart, the Stochastic RSI on this time frame has
the indicators angled downward. If the price continues to move sideways
for a few more days, the indicator lines can drop to the bottom and
then tick back up, signalling upside price momentum for $BTC’s next
rise.
Weekly chart shows $BTC ready for lift-off
The weekly chart reveals that the BTC price is just about ready to
head higher. The breakout of the bull flag has happened, the
confirmation has been made, and now it is just a matter of time. The
indicator lines have crossed back up on the Stochastic RSI. What are the
bulls waiting for?
Disclaimer: This article is provided for informational purposes only.
It is not offered or intended to be used as legal, tax, investment,
financial, or other advice.
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