Good Afternoon,
Looking at the four hour, it seems as though all the red may recover slightly. We've expanded under on the Bollinger Bands and the Ichi cloud, and have a bottomed out Stoch RSI. Previous support is around ~$8,850, so it is possible that we may form a bear flag on the 4 hour to those levels. However, it is common for Bitcoin in scenarios like this to have another large drop - after just ranging in the same small price-frame -, most probably to 8.3k support before ranging and continuing the downtrend (if these levels do not hold on the daily). The guppy makes it look like we might range here for the next few hours and then continue on this next drop down. On the daily, we have broken into the Span B cloud, so if this does not hold, my personal opinion is that this past few weeks run was a bull trap and that the 6.5k - 7k USD range will at least be retested.
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.
Looking at the four hour, it seems as though all the red may recover slightly. We've expanded under on the Bollinger Bands and the Ichi cloud, and have a bottomed out Stoch RSI. Previous support is around ~$8,850, so it is possible that we may form a bear flag on the 4 hour to those levels. However, it is common for Bitcoin in scenarios like this to have another large drop - after just ranging in the same small price-frame -, most probably to 8.3k support before ranging and continuing the downtrend (if these levels do not hold on the daily). The guppy makes it look like we might range here for the next few hours and then continue on this next drop down. On the daily, we have broken into the Span B cloud, so if this does not hold, my personal opinion is that this past few weeks run was a bull trap and that the 6.5k - 7k USD range will at least be retested.
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.