Good Morning,
So we finally entered the support box pictured above by going under $8000. We wicked down to $7927 and are now forming a range based on price action from the Renko squares. After our series of downward price movement, we finally got a bounce back to $8100 throughout the night. Upon confirmation of the next hourly square, we will be able to make a prediction about whether Bitcoin will stay in this range or get another bounce. Looking at the original range on the left-most hand side, we see that there was a bounce from the median line of the BBands, but it was rejected at the top and proceeded to fall back into the support area. It is likely that we might see the same here, judging that 4hr timeframes and down are oversold and that we are at the bottom of the BBands. Ideal points to look for entries would be wicks into the low $7800 and or $7700 levels. There is some good buying volume at the moment, so it would be likely we get a stop run to trap late shorters before falling back into our range. We are well under the Span B cloud on the hourly, so it makes sense for a bounce to $8200 Renko support in addition to all the other signs before probably staying fairly still for a few days. 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.
So we finally entered the support box pictured above by going under $8000. We wicked down to $7927 and are now forming a range based on price action from the Renko squares. After our series of downward price movement, we finally got a bounce back to $8100 throughout the night. Upon confirmation of the next hourly square, we will be able to make a prediction about whether Bitcoin will stay in this range or get another bounce. Looking at the original range on the left-most hand side, we see that there was a bounce from the median line of the BBands, but it was rejected at the top and proceeded to fall back into the support area. It is likely that we might see the same here, judging that 4hr timeframes and down are oversold and that we are at the bottom of the BBands. Ideal points to look for entries would be wicks into the low $7800 and or $7700 levels. There is some good buying volume at the moment, so it would be likely we get a stop run to trap late shorters before falling back into our range. We are well under the Span B cloud on the hourly, so it makes sense for a bounce to $8200 Renko support in addition to all the other signs before probably staying fairly still for a few days. 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.