Good Afternoon Traders,
Looking at the afternoon chart, Bitcoin as expected is continuing its current upward momentum. It is currently at $8843 working its way to the Span B cloud on the 4 hour and will likely hit ~$9,150 before facing any significant resistance. As mentioned before we had a bullish Kijun cross breakout with the Ichi cloud at roughly 6 a.m EST. At this point in time, Bitcoin may range in this area for a while as we are near the top of the BBands on the hourly and have an exhausted, near overbought Stoch RSI. What we may see is a potential reload to the fib level at 8.7k before heading over $9,000. On the daily, things are looking fairly bullish still with a MACD cross looking to happen in a few days, bottomed out Stoch, and an approach out of the Span B cloud signaling more uptrend. However, that depends on whether smaller time frames such as the 4 hour and 6 hour can have a successful Ichi break. On the 6 hour, it is important to note that the candles are headed towards a Kijun cross, so it is very important on this time frame to break it at around 11 p.m. EST time.
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 afternoon chart, Bitcoin as expected is continuing its current upward momentum. It is currently at $8843 working its way to the Span B cloud on the 4 hour and will likely hit ~$9,150 before facing any significant resistance. As mentioned before we had a bullish Kijun cross breakout with the Ichi cloud at roughly 6 a.m EST. At this point in time, Bitcoin may range in this area for a while as we are near the top of the BBands on the hourly and have an exhausted, near overbought Stoch RSI. What we may see is a potential reload to the fib level at 8.7k before heading over $9,000. On the daily, things are looking fairly bullish still with a MACD cross looking to happen in a few days, bottomed out Stoch, and an approach out of the Span B cloud signaling more uptrend. However, that depends on whether smaller time frames such as the 4 hour and 6 hour can have a successful Ichi break. On the 6 hour, it is important to note that the candles are headed towards a Kijun cross, so it is very important on this time frame to break it at around 11 p.m. EST time.
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.