This is just a quick update on Bitcoin. I will also include the Bitcoin/SPX chart in this post, simply because it continues to appear much weaker than BTC/USD, which I think is fundamentally significant - particularly with waning liquidity in crypto markets and the loss of broader appeal.
In the above chart, you can see that Bitcoin is treading water above the 100 day Moving Average (yellow). It is also now finding resistance at the 50 day MA (red). The last time Bitcoin began to find resistance at the 50 after a major upswing, it ultimately broke down (circled in red). However, in September 2020 (circled in green), BTC ultimately continued holding the 100 day MA and began a new push to ATH prices.
What happens here? If traditional markets continue to irrationally ignore the glaring credit bubble and other economic pressures, perhaps there will be enough liquidity for Bitcoin to push higher. However, as I mentioned, Bitcoin will need to start showing more strength when compared with traditional markets:
Zoomed in:
So far, it's really struggling at the 200 week MA (teal) against SPX. I won't go into any fundamentals on this post, though I really think that big drop off in volume on Binance since the last bottom is quite suspicious. This is mostly just a technical update. Thank you for reading - as always this is meant for speculation and entertainment only, not financial advice.
-Victor Cobra
In the above chart, you can see that Bitcoin is treading water above the 100 day Moving Average (yellow). It is also now finding resistance at the 50 day MA (red). The last time Bitcoin began to find resistance at the 50 after a major upswing, it ultimately broke down (circled in red). However, in September 2020 (circled in green), BTC ultimately continued holding the 100 day MA and began a new push to ATH prices.
What happens here? If traditional markets continue to irrationally ignore the glaring credit bubble and other economic pressures, perhaps there will be enough liquidity for Bitcoin to push higher. However, as I mentioned, Bitcoin will need to start showing more strength when compared with traditional markets:
So far, it's really struggling at the 200 week MA (teal) against SPX. I won't go into any fundamentals on this post, though I really think that big drop off in volume on Binance since the last bottom is quite suspicious. This is mostly just a technical update. Thank you for reading - as always this is meant for speculation and entertainment only, not financial advice.
-Victor Cobra
Comment:
Well, today's continues to confirm my suspicions about Binance. They likely knew what was coming. Closing below the 200 week MA opens the door for new lows.
Comment:
Today’s news** In any case, you can probably tell based on my bias which scenario I think is more likely.
