Good Morning,
As we can see by today's chart, Bitcoin has fell over the weekend from over $9,000 to a range between ~$8275 and ~8750. After hitting support at the lower bound of the range, we did recover slightly as predicted. While the chart looked somewhat nasty and the idea that $7,800 support would be hit soon, we can see that there was a fairly big, abrupt breakout. We smashed through the hourly Kijun cross and the Stoch RSI is near the lower bound on the daily and recovering on the 4 and 6 hr after a turn down from the top. This breakout seems for real, and I expect Bitcoin to touch the Span B cloud on the 4 hour at around ~9150, recover slightly down to ~8950/9,000 before continuing somewhat higher up as evidenced by the daily cloud support and oversold levels. The hourly might form a bull flag at this time before continuing the next leg up. On the contrary, during the most recent downtrend, it became common to see major swings +/- several hundred dollars within minutes, and while this is most likely not the case, this could be a trap for bulls. Though, there was huge buy volume on the spike, so the continuation up from here seems likely. We'll be monitoring Bitcoin closely today and post updates as movements are made. All the best with your trades!
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.
As we can see by today's chart, Bitcoin has fell over the weekend from over $9,000 to a range between ~$8275 and ~8750. After hitting support at the lower bound of the range, we did recover slightly as predicted. While the chart looked somewhat nasty and the idea that $7,800 support would be hit soon, we can see that there was a fairly big, abrupt breakout. We smashed through the hourly Kijun cross and the Stoch RSI is near the lower bound on the daily and recovering on the 4 and 6 hr after a turn down from the top. This breakout seems for real, and I expect Bitcoin to touch the Span B cloud on the 4 hour at around ~9150, recover slightly down to ~8950/9,000 before continuing somewhat higher up as evidenced by the daily cloud support and oversold levels. The hourly might form a bull flag at this time before continuing the next leg up. On the contrary, during the most recent downtrend, it became common to see major swings +/- several hundred dollars within minutes, and while this is most likely not the case, this could be a trap for bulls. Though, there was huge buy volume on the spike, so the continuation up from here seems likely. We'll be monitoring Bitcoin closely today and post updates as movements are made. All the best with your trades!
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.