Bitcoin Trades Sideways, Heading Toward Apex Of This Pattern: The Bull, Bear Case For The Crypto
Portfolio Pulse from Melanie Schaffer
Bitcoin (BTC) is trading sideways, mirroring the S&P 500's flat performance ahead of big-tech earnings and jobs data. Advanced Micro Devices, Apple, and Amazon's quarterly earnings could significantly impact the stock market. Economic data could also influence the stock and crypto markets. MIAX’s SPIKES Volatility products, traded on SPIKES Volatility Index (SPIKE), can be used to play potential stock market volatility. Bitcoin is trading in a descending triangle and may break up or down from the triangle on higher-than-average volume.
July 31, 2023 | 5:42 pm
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NEUTRAL IMPACT
Bitcoin is trading sideways and may break up or down from the current descending triangle pattern. Economic data and big-tech earnings could influence its direction.
Bitcoin's price is currently in a consolidation phase, trading sideways. The upcoming big-tech earnings and economic data could potentially trigger a breakout from the current pattern. However, the direction of the breakout is uncertain.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
MIAX’s SPIKES Volatility products, traded on SPIKES Volatility Index (SPIKE), can be used to play potential stock market volatility.
The SPIKES Volatility products can be used to hedge against or profit from potential volatility in the stock market. The upcoming big-tech earnings and economic data could trigger increased volatility.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60