Good afternoon,
Adding on to the previous update, Bitcoin seems to have chosen the contrarian path. We weren't able to break past $8800 resistance, and are now breaking down out of the 4 hour bear flag. We wicked to the top of the Bollinger Bands and nearly touched the Span B cloud, but with no avail. The Stoch RSI is heading back down, and volume was fairly steady but we ended up forming a hanging man candle anyway. The MACD is looking to crossover favoring sell volume, and the lack of buy volume on top of a fairly large Span B cloud makes it likely we will hit our support box. The BBands are also very contracted, so it is most probable we go down for now. 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.
Adding on to the previous update, Bitcoin seems to have chosen the contrarian path. We weren't able to break past $8800 resistance, and are now breaking down out of the 4 hour bear flag. We wicked to the top of the Bollinger Bands and nearly touched the Span B cloud, but with no avail. The Stoch RSI is heading back down, and volume was fairly steady but we ended up forming a hanging man candle anyway. The MACD is looking to crossover favoring sell volume, and the lack of buy volume on top of a fairly large Span B cloud makes it likely we will hit our support box. The BBands are also very contracted, so it is most probable we go down for now. 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.