In Brief: Bitcoin Blastoff

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by VBL
Monday, Jul 26, 2021 - 9:26
GoldFix Daily Brief

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Good Morning. As of this writing the DX is down 20 points and bonds are stronger. The US 10-year real yield has fallen to a new record low of almost -1.13%. US Stocks are only marginally lower. Gold is up $7 and Silver is up almost a full percent at $25.47. Oil is softer and Copper is firm. Nat Gas is up 10 cents. Bitcoin is up 19.40% from Friday’s close and Ethereum is up 18 percent.
What’s it Mean:
If you ignore Bitcoin, it means little. The accompanying news is about the infrastructure bill and the escalating rhetoric between China and the US. Covid fears are ratcheting up some as well. That would explain the bond rally and flat stocks. The bid in gold is not much to get excited about given the real rates being so negative. But that will matter when it finally does matter.
Futures Slide As Chinese Stocks Crash, Bitcoin Surges Ahead Of Fed
On Deck: It’s a quiet day ahead of the start of the Federal Reserve meeting this week. June new home sales data is released at 10:00 a.m. Tesla Inc. reports second-quarter earnings after the bell, with Lockheed Martin Corp., Hasbro Inc. and Ameriprise Financial Inc. also due.- Source
Gold Technicals
The following are excerpts from Moor Analytics Technical Reports posted here with permission and not actionable out of full report context
Upside: I am writing this from the higher call. Get long on a decent penetration and/or pullback above $1,813.0 (-1.2 tics per/hour starting at 8:20am)
Downside: I am writing this from the higher call. Buy against $1,798.6-8.4 as a reentry for longs. Buy against $1,791.0-89.1; get short below.
Bitcoin Blastoff
As noted up top, Bitcoin soared 19% from Friday’s close The surge has been attributed to short-covering, speculation that Amazon may accept digital coins for transactions and positive comments from the likes of Tesla’s Elon Musk and Ark Investment Management’s Cathie Wood.
Moor Analytics Bitcoin Daily
Due to Twitter limitations today, the GoldFix and Bitcoin Brief broadcasts were completed in combination in a zoom room. Today’s extended chat goes into the behaviors and events that lead up to today’s rally in Bitcoin.
VBL's GoldFix and Bitcoin Broadcast Zoom Room
Bitcoin 4 hour chart including weekend activity
Bitcoin 4 hour chart including weekend activity


That’s it, Good Luck

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