MacroBusiness
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at 9:00 am on August 3, 2021 | 3 comments
A big retraction in Treasury yields overnight on the back of a disappointing US ISM Manufacturing print saw Wall Street give pause while commodities sold off sharply. Currency markets were little changed again, with WTI and Brent crude falling more than 3% while gold prices remained just above the $1800USD per ounce level.
Bitcoin has been able to only just hold on to its breakout gains after pushing through resistance at the $40K level on Friday night and holding over the weekend. The four hourly chart however shows a series of lower lows since the Monday morning gap with price nearing trailing ATR support which needs to be respected before any further leg higher:
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