Good Afternoon,
Bitcoin has bounced pretty well in the last several days (yesterday especially), forming a nice A wave correction. At this point in time, we have likely reached a local top. The DeMarker is at 0.7, indicating we are in overbought levels and the Stoch is overbought and topped out on the 6 hour, indicating we get a B wave down in the coming hours.We have to remember we are still in a downtrend until clearly proven otherwise, and depending on how we interact on these levels we'll be able to tell more clearly whether Bitcoin wants to approach the upper bound trend line, retest the lower bound, or potentially later breakout on either side. On the 4 hour we are inside the Span B cloud, and that acts as a significant resistance area. Based on current price movements, I believe we correct to just under the BBands median (~$7450) before continuing higher upwards - likely to around the 6 hour Span B cloud at ~$7800 - before getting any continued major resistance. 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.
Bitcoin has bounced pretty well in the last several days (yesterday especially), forming a nice A wave correction. At this point in time, we have likely reached a local top. The DeMarker is at 0.7, indicating we are in overbought levels and the Stoch is overbought and topped out on the 6 hour, indicating we get a B wave down in the coming hours.We have to remember we are still in a downtrend until clearly proven otherwise, and depending on how we interact on these levels we'll be able to tell more clearly whether Bitcoin wants to approach the upper bound trend line, retest the lower bound, or potentially later breakout on either side. On the 4 hour we are inside the Span B cloud, and that acts as a significant resistance area. Based on current price movements, I believe we correct to just under the BBands median (~$7450) before continuing higher upwards - likely to around the 6 hour Span B cloud at ~$7800 - before getting any continued major resistance. 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.