Good Afternoon,
Well, as expected, Bitcoin fell right through our support area. It is completely oversold now though so we should get a retest bounce to ~$7750/7800 before continuing down. Things are likely to get really ugly in the coming days as it seems we might crash back down to the $6500 support we tested at the beginning of April. After our current price breakdown, there really is no major support until that range. The weekly Stoch RSI is turning back down and we can see the first visible Span B cloud in over a year. There is a confirmed weekly reversal doji on the week of May 7th, and the weekly seems like we go past the $6500 support in the future too given several red weeks. In the short term we stopped at $7550 and are now ranging/forming a bounce back to previous support turned resistance. Sell volume continues to increase and I would be very cautious trading and staying skeptical of any bullish arguments unless we break above the Span A cloud on the daily (now closing up) which would place us at $9000 - an unlikely situation with the BBands starting to expand downwards on larger timeframes and overall bearishness in the market. 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.
Well, as expected, Bitcoin fell right through our support area. It is completely oversold now though so we should get a retest bounce to ~$7750/7800 before continuing down. Things are likely to get really ugly in the coming days as it seems we might crash back down to the $6500 support we tested at the beginning of April. After our current price breakdown, there really is no major support until that range. The weekly Stoch RSI is turning back down and we can see the first visible Span B cloud in over a year. There is a confirmed weekly reversal doji on the week of May 7th, and the weekly seems like we go past the $6500 support in the future too given several red weeks. In the short term we stopped at $7550 and are now ranging/forming a bounce back to previous support turned resistance. Sell volume continues to increase and I would be very cautious trading and staying skeptical of any bullish arguments unless we break above the Span A cloud on the daily (now closing up) which would place us at $9000 - an unlikely situation with the BBands starting to expand downwards on larger timeframes and overall bearishness in the market. 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.