WCN Episode Summary: Bitcoin Technical Analysis - 10 (2015-09-02)
This episode provided a mixed technical analysis, covering macro market trends alongside specific warnings and cautions regarding Bitcoin's immediate future.
Main Topics:
* Macro Overview: Analysis of the US Dollar (USD), commodities (CRB), crude oil, and the S&P 500. George suggested commodities might be bottoming out and viewed the S&P's movement as a correction, not a bear market.
* S&P 500 Outlook: The index was noted to remain in an uptrend despite dips, with future interest rate decisions (QE) being critical.
* Bitcoin Analysis: Price action was described as sideways, with technical indicators (MACD, RSI) suggesting oversold conditions. However, caution was advised due to strong resistance and potential regulatory hurdles.
* Market Concerns: Discussion covered market instability, including OKX halting US Bitcoin deposits and Bitfinex experiencing functionality issues.
Key Quotes:
* "The S&P will likely move higher if key support levels around 1865 hold."
* "We recommend a 'wait and see' approach."
* "Forex is currently a more active area of focus."
People Mentioned:
* George (Technical Analyst, Brave New Coin)
* Cohen (Mentioned regarding deposit halts)
Bitcoin Price:
* Specific price levels mentioned: Strong resistance at 255.
Summary:
The segment began with a macro perspective, where George analyzed the USD, commodities, and the S&P 500. He suggested commodities might be bottoming out and viewed the S&P's current dip as a correction, predicting the index could move higher if key support levels (around 1865) held.
Turning to Bitcoin, the analysis was cautious. While momentum indicators suggested oversold conditions, the speaker advised a "wait and see" approach due to strong resistance at 255 and the potential for a "death cross." Regulatory concerns were highlighted, noting that both "Cohen" and OKX had halted deposits for Bitcoin and Fiat. The segment concluded by suggesting that the Forex market was currently a more active area of focus than Bitcoin.