JP Morgan flips bullish as bitcoin approaches a decisive break

JP Morgan — Bitcoin’s biggest critic flips into its most avid supporter

One of the top banks on Wall Street has gone through the bitcoin ring of fire — entering as an outspoken bitcoin critic and emerging as a full-on supporter of the world’s leading cryptocurrency.

Wilshire Phoenix to compete with Grayscale?

After having faced a rejection of its proposed exchange-traded product (ETP) back in March, investment firm Wilshire Phoenix has filed another proposal for a publicly traded fund with the Securities Exchange Commission (SEC).

ChainLink Price data becomes the defacto DeFi standard?

The recent integration of Chainlink’s DeFi price data into KyberSwap speaks to a growing trend that will probably see Chainlink’s data sets becoming the default industry standard within the emerging niche market.

Technically speaking

Lower Time Frame (LTF) 4-hour knife catching time?

Bitcoin broke down from its ascending triangle formation, hitting a higher low at $8,900 ( Bitfinex) at the time of writing. The sell-off came with slow-moving price action that eventually found support above the local low set on the 25–26th May. Currently, bitcoin has printed a bullish divergence on the 4-hour RSI, painting a bullish descending falling wedge formation with flashing buy signals.

Higher Time Frame (HTF) daily finds support

On a daily timeframe, bitcoin has found support on both the 50-EMA and just above the .382 fib level (measured from the 21st of April just before the breakout). The Money Flow Index (MFI) has flashed a buy signal, but this should be taken with a grain of salt given that buy signals only suggest oversold conditions and do not necessarily mean that a reversal is imminent.

Noteworthy post-scriptum

Having said all that, I’d like to point out the clear discrepancy between Crypto Twitter sentiment and bitcoin’s fundamentals. More specifically, while most of my Twitter feed is bearish (if that’s any barometer to go by), bitcoin’s fundamentals could not be more bullish. Of course, everyone is entitled to their own opinion but one can’t help but notice the possibility that bitcoin price action might act on the basis of Twitter sentiment, which changes more often than a wind vane. Often enough, CT finds a way rationalize its own collective bias, which would in turn influence the wider community into a position that does not necessarily reflect the underlying reality.



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Chris on Crypto

Chris on Crypto

Journalist-turned crypto-writer & analyst; forging the narrative, stacking sats.