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Bitcoin Risks Breaking $9K as JP Morgan Warns $170B Stock Market Sell-off

Bitcoin Analysis

▪️ Bitcoin price risks breaking to the downside as strategists warn of a correction in the U.S. stocks.
▪️ Analysts at JP Morgan & Chase predicted that pensions funds would most likely dump $170 billion worth of their equity positions at the end of the second quarter.
▪️ It would leave Bitcoin under similar bearish spell owing to its growing positive correlation with the S&P 500 index.

Bitcoin may witness sharp downside moves heading into the third quarter of 2020.

The bearish sentiment emerges from the risks of a massive capital shift from the stock market to safer bonds. Analysts at JP Morgan said in a note published last week that they expect pension funds to dump about $175 billion worth of equities as a part of their quarterly portfolio rebalancing strategy.

BTC Update

What’s new since the last update? BTC dropped below 9300 at the end of the previous session but still has not closed below this zone on the daily horizon.

Indeed, Bitcoin hit a low point yesterday at 9236 before rebounding and is currently trading around 9450, so we still don’t have any bearish confirmation that would allow us to look for more aggressive short points.

The daily technical situation remains negative, but the 4-hour indicators have given a buy signal, which reinforces the idea of a possible rebound.

👉 What can I do?

As we have been saying for a few days now, we need a break from the 9200 – 9300 in order to be able to take more aggressive short positions, around the 9500 – 9600. This is not yet the case, the support zone having resisted, there is a strong chance that the 9800 zone will be reached.

Our offer of shorts at 9800 is still valid dear community!

Bitcoin Analysis

Fresh Decline in ETH?

Ethereum is clearly facing a strong resistance near the $234 level and the 100 hourly SMA. If it fails to continue above the $234 zone, there is a risk of a fresh decline.

It seems like there is a short-term ascending channel forming with support near $230 on the same chart. A downside break below the channel support might increase selling pressure and the price might drop to $220 in the near term.

Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with positive signs.

Major Support Level – $225
Major Resistance Level – $234

Ethereum Analysis

BTC Analysis Update

What’s new since the last update? Well, my dear community, our aggressive short proposal has been stopped at the nearest pips on Binance.

The daily technical situation remains negative but we can see signs of bullish curves on the WaveTrend. On the 4h horizon, the technical indicators are positive.

If we look at the shape of the candlesticks, yesterday’s session ended in the form of a hammer, which is traditionally a bullish figure.

👉 What can we do about it?

The technical situation on the 1h horizon is rather bearish but on the bigger TFs we have encouraging signs of a continuation of the bullish rebound. This is why we will keep our previous short around the 9800 – 9900 range.

Entry zone: 9800 – 9900 Stop: 10050 Q1: 9670 Q2: 9485 Q3: 9236

Bitcoin June Analysis

For the first time since the end of May, BTC has fallen below $9000 with a low point reached at $8910

BTC closed below its $9250-$9380 liquidity zone, confirming bearish sentiment.

The daily technical situation remains bearish with the WaveTrend and MACD pointing down. On a shorter time horizon, within 4 hours, the indicators are also bearish. But in their oversold zone with signs of bullish curves.

📈 Trend follower?

Negative on the 1h and 4h horizon and positive on the daily.

👉 What to do?

BTC closed below its liquidity zone on the 4h horizon. Now is necessary for prices to remain below this level for a while before retracing. If this is the case, we will probably open a short position around 9400. We will keep you updated!

Bitcoin Analysis