Continue to accumulate BTC through the summer pullback
- BTC pauses at 12K resistance – Macro wildcards around trade tweets, currency and rate anxieties have fueled both BTC’s and Gold’s rebounds with no apparent clarity to those tailwinds developing yet. Technically BTC recent surge is now pausing at its next short-term resistance at its summer downtrend line coinciding with a 62% retracement of the July pullback. See BTC’s 4-hour chart below and on Slide 3.
- An oversold rebound in stocks could see BTC consolidate further near current levels – Further consolidation at current levels would not be surprising given there are very early (and strongly debated) indications that equities are attempting to bottom. Interestingly, as of this afternoon, US 10-year yields collapsed just below 1.60% only to reverse intra-day to current levels at 1.73%!