WCN Episode Summary: Bitcoin Technical Analysis - 31 (2016-01-21)
This episode provided a comprehensive technical analysis across global markets, focusing heavily on Bitcoin and major indices.
Main Topics:
* Bitcoin Analysis: Discussion covered Bitcoin's technical resilience, noting that its recent movement was speculative. Analysts suggested a potential rebound after observing oversold conditions (RSI hit) and structural support on daily/weekly charts.
* Equities & Indices: Analysis included the S&P 500, Russell (small caps), and the biotech index, with suggestions of potential bounce trades. The S&P bounce was linked to a drop in the VIX and stability in oil prices.
* Commodities & FX: Gold was deemed "very, very weak" with predictions of falling below $1000. FX pairs like USD/Yuan were analyzed in the context of China's monetary policy (PBOC), while oil prices showed continued weakness despite bullish Canadian data.
* Macro Outlook: Key macro concerns included low 10-year yields and the importance of the upcoming Federal Reserve (Fed) meeting.
Key Quotes:
* "Gold is 'very, very weak' and expects it to fall below $1000."
* "Bitcoin... was not bearish, noting that the price bounced at the point where the 26-period lagging line touched the bottom of the Kuma cloud."
* "The upcoming Fed meeting is more critical than the current week."
People Mentioned: George Salmon, Tony.
Bitcoin Price: No specific current price was given, but the analysis focused on technical support levels and potential rebounds.