Dear Friends,
We have been continuously updating the market movements, the risks and possibilities in our articles continuously almost a day to day basis.
As a investor or trader, we should understand that unless we sell our holdings, we do not get into profit or loss in our crypto instruments.
We should focus and maintain neutrality and should not give for any emotions that should immerse us with the market sentiments.
As the Ethereum ETF would be trading soon, let's get a refreshing look again on how the money flows into crypto markets.
This is how the money flows into the crypto markets in phases.
From the above you clearly know the money flows in phases from BTC, ETH, Large Caps and finally to Alt Coins.
From the above chart, we have witnessed only Phase 1 has happened. The rest are still pending and would about to happen.
The start of ETH ETF trade would fuel to the Phase 2 to happen soon. It will also be contributed to the Mt. Gox BTC transfers and possibly the HTX transfers to their investors. The investors who would receive their part would certainly make some investments in ETH which will be a triggering factor to the ETH pump as well.
If you consider the ETH historic chart, you can get to know that there are much similarities exist now with 2020.
So whatever happenings in the price movements of ETH is the final dip. That's why I have also said that I had made DCA both on ETH and BCH in my previous posts as well.
If ETH ETF would start, there will be a mega rally in ETH price similar to the year 2021.
If we see the ETH charts, you can find that 2900 being a strong support as well.
So guys, if you find any opportunity, you can also buy, accumulate or DCA in ETH counter also.
In the meantime, we could see BTC price is also taking a support from its support region and currently trading at $57500. In the day chart, its RSA is shown in deeply oversold region. The liquidity in the higher side is seen at $64000. There is the immediate resistance is at 59900 range. If it comes in the region, the 200 Day EMA would also gets joined. See the BTC Chart also.
I think at 59900 there would be a small correction in BTC price, and then certainly expect a surge.
There is an important date is 11 July 2024, where the CPI data is to be announced. Already in UK, 2% target have been achieved. In wake of the elections in the US, they might need to show the CPI target as well to contain the inflation. So I anticipate that the CPI data would come on a good note & positive.
I also suspect that the people who know the CPI data would come positive so that the price of the BTC was dumped so that the large players can take BTC at a lesser price to gain huge profit in the its pump.
At the time of writing this article, the global crypto market cap stands at $2.13 Trillion with a 0.14% increase in the past 24 hours.
BTC is trading at $57500 and ETH is trading at $3100. The fear greed index is negative with 40 points.
Let's wait and watch closely at the crypto market movements and take advantage with it!
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