Good Afternoon,
Today we're going to be looking at the macro 6 hour chart. We hit a low at ~$7250 and have since recovered to the $7500/$7600 range. However, looking at bear market trends, we see that whenever the Stoch hits about a 100, or anywhere around the white line pictured, we tend to go for another dive down. This supports the idea that we are in a bear flag right now, and the fact that we are at the top of the BBands suggests this is likely true. We are just at Span B resistance around the center of the 0.236 and 0.382 fib levels, and after we break down the next level of support lies at $6450. At that point, we either recover, form a double bottom, and form a large range between $6450 and $9950 or we explore what depths we can fall to. Buy volume is at its lowest point (with the chart pictured) as can be seen on the VPVR on the right, and really unless some manipulation happens and we get a large spike back to at least the 0.786 fib level the new bear trend will continue. 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 we're going to be looking at the macro 6 hour chart. We hit a low at ~$7250 and have since recovered to the $7500/$7600 range. However, looking at bear market trends, we see that whenever the Stoch hits about a 100, or anywhere around the white line pictured, we tend to go for another dive down. This supports the idea that we are in a bear flag right now, and the fact that we are at the top of the BBands suggests this is likely true. We are just at Span B resistance around the center of the 0.236 and 0.382 fib levels, and after we break down the next level of support lies at $6450. At that point, we either recover, form a double bottom, and form a large range between $6450 and $9950 or we explore what depths we can fall to. Buy volume is at its lowest point (with the chart pictured) as can be seen on the VPVR on the right, and really unless some manipulation happens and we get a large spike back to at least the 0.786 fib level the new bear trend will continue. 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.