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The expansion of fiat money has been a driver for Bitcoin this year. Central banks are creating more currency to overcome the coronavirus pandemic, while BTCUSD’s mining rewards were halved in May. This may create an increasingly positive supply/demand balance in favor of the biggest cryptos.
There was a similar catalyst today when European Central Bank President Christine Lagarde hinted at stimulus in December. It’s a change of course for the ECB, which previously embraced “tight money.”
BTCUSD started rallying at the time of her comments around 8:30 a.m. ET today. There were other catalysts, like strong GDP and initial jobless claims.
The move is noteworthy because it occurs above the previous daily closing high of $12,822 from June 2019. BTCUSD has consolidated in that range this week despite a selloff in the S&P 500. That kind of relative strength is interesting, especially when it happens amid growing fiat supply and widening institutional adoption.
Regional banks had a big surge in late 2023. Now, after a period of consolidation, some traders may expect further gains. The first pattern on today’s chart of the SPDR S&P Regional Banking ETF is the falling trendline along the highs of January and early March....
Palantir Technologies has advanced as investors embrace AI and non-government customers embrace its products. Is its current pullback offering an opportunity? The first pattern on today’s chart is the pair of rallies after the last two quarterly reports. Those may...
Downloads are available here. TradeStation’s ideas on TradingView are available here. Register for Market Trends here. Sizing Up the S&P 500 Potential short-term range on S&P 500: 5057: 2/27 low 5127: 3/4 low of 5127 Potential "shooting star" on...