As I outlined in the Weekly Market Outlook video, the new week and month have brought some respite from the onslaught of selling we had in NA indices in May.
In order to see a real bottom formed, we want to see last week’s highs taken out which is still some distance away.
Bitcoin, on the other hand, is the exact opposite.
We had strong buying right into the end of May and now with the new month, the effervescence has somewhat faded as last week’s lows have been violated and now Bitcoin is seeing the first test of its uptrend since breaking out in April.
Bitcoin is still trading above its quarterly open so we now have some timeframe conflict with it trading below it’s weekly and monthly opens.
I’ll be looking for opportunities to buy more once we get sufficient corrective activity.