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Bitcoin has fallen every August in midterm election years.
2014: -17.5%
2018: -9.3%
2022: -13.9%
So far, it has happened every time.
This could be more than just a coincidence.
π BTC is currently seeing the lowest βpositive-to-negativeβ ratio of social media comments in Santiment's history. Fear is now outpacing greed by a historically high margin.
π¨ π―π΅ JAPAN PREPARES π―π΅π¨
Japanese analyst Yuto says the Bank of Japan has discussed a worst-case scenario where the U.S. dollar loses its reserve currency status.
Whether or not it happens, one thing is clear:
Nations are preparing for a changing financial system.
$BTC Yet another close above the Weekly 200MA but price is not moving much yet.
The longer these compressed small weekly candles keep going, the bigger the eventual move following it will be.
Weekly 200EMA is the first level up to break to get a bigger bounce going. #bitcoin
Bears cleared most of the longs and there's now a lot of shorts still to be cleared if this runs back to 67k.
But... BTC does look rather weak.
Lose 62.5k and I think bulls are game over.
Monthly close in a few days is also important.
Let's see if bulls can defend
DON'T LET THIS BULL TRAP FOOL YOU
Bitcoin isn't breaking out.
The same descending channel is still controlling the price.
Lower highs β Lower lows.
Until that changes, the roadmap remains simple:
$65K β $68K β $52K β $35K β New cycle begins.
The next Fed rate decision is in 9 days and the markets are expecting the pause to continue, with only 7% odds for a rate hike.
We will also see how the FOMC and Warsh react to recent cooler-than-expected inflation data.