After a long time, Bitcoin showed a rise with trading volume. Based on the 15-minute, 1-hour, and 4-hour trading volumes, it showed a large trading volume compared to the weak trading volume that lasted for a considerable period. In addition, by reaching RSI 80 or higher for 15 minutes and 1 hour, it got a short-term adjustment from the high point (9447usd) of about 100 dollars.
The Bitcoin dominance has dropped to 62.2% level, and has been trapped in a narrow boxes between 9000 and 9250 due to low trading volume. In the short term, it has to be supported by the weekly starting price of $9291usd as it shows Head&Shoulder at the 15-minute 1-hour peak and the downward divergence at the short-term RSI. And in order for Bitcoin to continue to rise, it is essential that large volumes should occur. Of course, Nasdaq must go up first.
By the way, Wall Street big-hand investors warn of overheating on the Nasdaq market. Since the March lows, Nasdaq has risen 60%. The huge liquidity caused by the pandemic is endlessly raising the stock prices of several IT companies. The ant investors are buying aggressively through the stock trading app Robin Hood, while institutional investors are focusing on risk hedge through put options, which stimulates the vigilance of the New York stock market rally.
Billionaire investor Mark Cuban claims that the New York Stock Exchange is now similar to the dot-com bubble in the late 1990s. In the future, even if a small movement in the FED turns the the unlimited quantitative easing policy in the opposite direction, it could cause the bear to collapse the bull.
It is President Trump who wants to maintain the stock price by the end of October. Dollar values are falling in the direction the US intended, and bond prices are falling, but stocks and gold prices are rising. Gold is already at 1857usd and is expected to test $2000usd in the near future. If the stock price rises reflecting future economy, it would be normal for the gold price to go down. But if gold and silver go up together, it is obvious that there is an investment party hedging in the opposite direction of the stock price. I guess this means crazy stock market rise will not last long.