BTCUSDT
Doing TA on Bitcoin is mostly advised against but that's not going to stop STAKK
Here is our shot at the short-term and medium-term outlook of BTC; of course we all know the long-term value; in the millions. :) haha
Reminder, Warren Buffett's banking investment in London now holds $BTC. Details of the strategy isn't clear yet. Australia recently approved it's first spot BTC ETF. German ministry approves the no taxation of staked coins... The adoption news continues but so as the fud. Let's not forget the latest attack on UST and LUNA which had direct implication on BTC.
Does any of these news impact the price or future value of $BTC?
Yes, in the short term but it shouldn't prevent traders or investors alike from looking at the short or mid-term outlook.
Technical Analysis:
Daily Chart
EMA ( Exponential Moving Average ): The EMA's are inverted; literally upside down 200/100/50//20 EMA and pointing downwards! We've been in the death cross since April 11th. and all attempts by the 20 and 50 EMA to turns things back have failed. Prices recently fell to and below $29K a very strong support line.
TTM Squeeze: TTM is steadily squeezing upward against the tide. Could this mean a stabilization of the downward pressure or reversal? We need to see the candles and RSI. Maybe even a different time frame (4hrs)
RSI: Went as low as 29 (keep in mind that 30 is a great entry point especially when the slow stochastic is pointing up). But the stochastics are still pointing down; So although oversold, there is still the danger of continued lower prices although the 30 RSI is a good entry point.
Fib Levels: They say, never try to catch a falling knife. The price action went as 1.618 a critical point but bounced right back up to 1.414 (not a strong support or resistant).
Candle Stick: Summary of last 5 candles equate to a bullish movement. The last pairs look like a Morning Doji Star, a bullish pattern.
Pattern: Looks like we have a continuation horizontal price channel in the median time. Price consolidation could mean good news especially at $29K an extremely strong support level.
At the moment, I really think, it depends on what happens at this critical point. If $BTC fails to hold above $27K-$29K, it may fall as low as $19K or even $13K the next strong support lines. In the short term, given the consolidation, TTM Squeeze, RSI, and patterns we can see a push for $32 or maybe even $33K. This is supported by the 4 hr chart fib levels which shows that the current price have to cross and hold above the .382 fib levels; then terminate at $33K.
STAKK
