Bitcoin successfully bounced off support, broke out of its channel, and is hugging its 20-day MA in a manner that suggests it will break through this soon enough too. Technicals remain mostly on the bearish side of the ledger, with only a weak MACD ’buy’ trigger (it’s below the bullish zero line), but I do think this will eventually break higher – bringing technicals with it.
was the exception to lead indices as it closed with a small doji on higher volume accumulation. Technicals remain net bullish and haven’t wavered since the April low. Look for the rally to continue.
and lost a little ground after a gap higher. Volume rose in confirmed distribution, but both indices have lost their initial bullish momentum from early summer and need a demand injection to get things going again; as things stand, both are neutral.
hasn’t had the same success as the Nasdaq, but has at least stayed ahead of its 20-day and 50-day MAs. Technicals are mostly bearish, but price action is really range-bound, and therefore neutral.
For this week, bulls will likely win out and get past the near-term resistance levels. Measure risk:reward by proximity to nearest support or 20-day/50-day MAs. A price rally will help boost technical strength.