Good Morning Traders!
Going on from yesterday's chart, we can see that Bitcoin did indeed fall past our previous support and is now at $8195, wicking down to to the top of our support box. Sell volume has increased throughout the night and a new Span B cloud has formed. The Stoch RSI has reset on the 4 hour for the most part, but on the 1 hour we have one more push down before any recovery, likely to $7800. The idea that we were in a bear flag was correct as seen pictured above. In regards to the daily, we are approaching the bottom of the Span B cloud, so longer term we may see a bounce there, but more likely than not we retest the $6500-$7000 levels and either form a double bottom or continue the mass trend downwards. Another view may be that we bounce there in our support box at $7800, go back to the $9k levels, and either continue the bounce or form a double top similar to the ones in the $11.7k range. In the immediate view, what is likely to happen is a visit to $7800 support, in which case we would wait and see what happens on confirmation of the Span B cloud (D) holding or failing to hold. 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.
Going on from yesterday's chart, we can see that Bitcoin did indeed fall past our previous support and is now at $8195, wicking down to to the top of our support box. Sell volume has increased throughout the night and a new Span B cloud has formed. The Stoch RSI has reset on the 4 hour for the most part, but on the 1 hour we have one more push down before any recovery, likely to $7800. The idea that we were in a bear flag was correct as seen pictured above. In regards to the daily, we are approaching the bottom of the Span B cloud, so longer term we may see a bounce there, but more likely than not we retest the $6500-$7000 levels and either form a double bottom or continue the mass trend downwards. Another view may be that we bounce there in our support box at $7800, go back to the $9k levels, and either continue the bounce or form a double top similar to the ones in the $11.7k range. In the immediate view, what is likely to happen is a visit to $7800 support, in which case we would wait and see what happens on confirmation of the Span B cloud (D) holding or failing to hold. 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.