BTCUSD Weekly Chart Analysis
9:00PM EST
Bitcoin momentum has been waning over the past few weeks with a rounding top pattern forming. While the 9 Exponential still seems to be holding the price, the Bulls have lost their steam and there has been a drop-off in volume preempting a major move on the horizon. The simple fact that Bitcoin has rallied this far this quick so far away from the halving event suggests that this rally could be short-lived with a return to a floor around the 6k level. Wall Street stated earlier this year that they saw a 5k Bitcoin at year end and it seems now that the long term support is around the 5500-6000 level cooperating their claim. With outside markets, IE the major stock indexes waning as well in terms of new money being introduced into the market, I speculate that easy money will flow into other assets and out of Bitcoin for the time being. This could potentially dawn a new "altcoin" boom as institutions see greater short term profits to be had outside of Bitcoin, especially for the top coins in market cap and liquidity.
That said, we are adjusting our short to medium term outlook to Bearish and speculate that Bitcoin will find its floor around the 6,000 level building a stronger, longer term base for a rally closer to the halving event.
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9:00PM EST
Bitcoin momentum has been waning over the past few weeks with a rounding top pattern forming. While the 9 Exponential still seems to be holding the price, the Bulls have lost their steam and there has been a drop-off in volume preempting a major move on the horizon. The simple fact that Bitcoin has rallied this far this quick so far away from the halving event suggests that this rally could be short-lived with a return to a floor around the 6k level. Wall Street stated earlier this year that they saw a 5k Bitcoin at year end and it seems now that the long term support is around the 5500-6000 level cooperating their claim. With outside markets, IE the major stock indexes waning as well in terms of new money being introduced into the market, I speculate that easy money will flow into other assets and out of Bitcoin for the time being. This could potentially dawn a new "altcoin" boom as institutions see greater short term profits to be had outside of Bitcoin, especially for the top coins in market cap and liquidity.
That said, we are adjusting our short to medium term outlook to Bearish and speculate that Bitcoin will find its floor around the 6,000 level building a stronger, longer term base for a rally closer to the halving event.
DISCLAIMER
This Content is for entertainment purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Posts constitutes a solicitation, recommendation, endorsement, or offer by MarketMotives or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
All Content on this post is speculation, opinion, and entertainment in nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Market Motives is not a fiduciary by virtue of any person’s use of or access to this Post or Content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on this Post before making any decisions based on such information or other Content. In exchange for using the Post, you agree not to hold MarketMotives, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through this Post.
Comment:
Taking the position at this point that BTC continues upward trend, however, at a steady pace. New Charts to follow.