Bitcoin has been under severe selling pressure since May of this year which has sent price back down below February levels at $29,000s. Bitcoin is already down over 6% on the week at the time of writing this. Meanwhile, crypto exchanges are getting lots of attention as COT reports an increase in long positions on bitcoin futures contracts.
While price keeps tumbling week after week, big money continues to load up on bitcoin. China's crackdown takes a toll in the short term but is also good news going forward that now the majority of crypto mining won't be centralized in China. I think Bitcoin still has room to fall, but price is coming to key support which I think has a good chance of holding.
This long term support zone has trapped bitcoin for two months, but also has served as major padding to keep price from shooting underneath. $28,584 is roughly the bottom here, so if bitcoin hits this level, it has the chance to bounce with hard rejection from the lows like it's done several times before on the 1D chart. However, a break below could send price down to $24,400s.
10/26/2021 A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole. Tesla May Restart Crypto Transactions Again Several months ago, Tesla […]
Today I'll share some economic analysis on the CPI report and what to look for in order to tell if inflation will get worse. Lastly, I'll cover some ways that you can make an investment play on inflation. September CPI Report The Consumer Price Index report for September 2021 was published on October 12, 2021. […]
10/25/2021 Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year. Our outlook I think that gold has been due for […]