Whether it was a falling wedge or pennant, BTC has broken what I see as resistance, got above a key fib, broken up on the RSI and momentum is shifting in the bulls favour.
MACRO Driver: re: Ebay
This week I met with both a Director at a major global automotive company and a Director at a domestic tech retailer. Both sighted demand has dropped slightly but the major problem is the production and shipping product to meet demand - Chip manufacturing was hit in March (fire damage of machinery) disrupting the global supply chain. While production is back up to peak, the market is 6 months in arrears. This feels like a common story for many sectors from lumber shortages to higher feeds prices for cattle - compounded by labour shortages in many western countries. Great news for the second-hand market but not so great for the market as a whole. This puts further upward pressure on prices which is passed onto the consumer. This suggests Inflation is here to stay for next year. Positive for Equity and Commodities and emerging markets and with 'risk-on' attitude in the markets this should have a positive effect on Bitcoin.
- Just an opinion but go look at EBAY share price - parabolic right now
Now long - just touched the 50 DMA but expecting it to push through - I'd ideally like to see a retest and resumption off support but then on to go challenge the $40k mark.
Best, Hard Forky
MACRO Driver: re: Ebay
This week I met with both a Director at a major global automotive company and a Director at a domestic tech retailer. Both sighted demand has dropped slightly but the major problem is the production and shipping product to meet demand - Chip manufacturing was hit in March (fire damage of machinery) disrupting the global supply chain. While production is back up to peak, the market is 6 months in arrears. This feels like a common story for many sectors from lumber shortages to higher feeds prices for cattle - compounded by labour shortages in many western countries. Great news for the second-hand market but not so great for the market as a whole. This puts further upward pressure on prices which is passed onto the consumer. This suggests Inflation is here to stay for next year. Positive for Equity and Commodities and emerging markets and with 'risk-on' attitude in the markets this should have a positive effect on Bitcoin.
- Just an opinion but go look at EBAY share price - parabolic right now
Now long - just touched the 50 DMA but expecting it to push through - I'd ideally like to see a retest and resumption off support but then on to go challenge the $40k mark.
Best, Hard Forky
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.