Good Evening,
Today should determine the next few days of Bitcoin price movement. While my previous analyses have been bearish , Bitcoin has an opportunity here to hold $7000 and bounce. If we can close the weekly above $7600, or just inside the Span A daily cloud, bulls will live and we will range within the triangle until a confirmed breakout on either side. However, given the current situation, there isn't much volume , and we even momentarily dipped below the lower bound trend line holding us together. On the other hand, the Stoch is bottomed and oversold, and the C wave of the correction is yet to begin - a case for us to hold this range. However, the Stoch can't be completely relied upon, and looking at previous price action there have been dead cat bounces to top it before proceeding with more downwards movement. In this case however, there is little to suggest we get any significant upwards movement. Previous interactions with the lower bound trend line have seen large wicks with significant bounces, so I stick by my predictions that we fall through here based on insignificant movement upon interaction with this price range and little volume to support a breakout. However, we will have to wait and see how we close the daily before knowing more clearly what direction we will take. All the best with your trading!
Written by:
Philip Raytburg
Research Analyst
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Today should determine the next few days of Bitcoin price movement. While my previous analyses have been bearish , Bitcoin has an opportunity here to hold $7000 and bounce. If we can close the weekly above $7600, or just inside the Span A daily cloud, bulls will live and we will range within the triangle until a confirmed breakout on either side. However, given the current situation, there isn't much volume , and we even momentarily dipped below the lower bound trend line holding us together. On the other hand, the Stoch is bottomed and oversold, and the C wave of the correction is yet to begin - a case for us to hold this range. However, the Stoch can't be completely relied upon, and looking at previous price action there have been dead cat bounces to top it before proceeding with more downwards movement. In this case however, there is little to suggest we get any significant upwards movement. Previous interactions with the lower bound trend line have seen large wicks with significant bounces, so I stick by my predictions that we fall through here based on insignificant movement upon interaction with this price range and little volume to support a breakout. However, we will have to wait and see how we close the daily before knowing more clearly what direction we will take. All the best with your trading!
Written by:
Philip Raytburg
Research Analyst
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.