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.
With markets beginning to a volatile start on Covid fears, by the end of the week markets seemed to calm down to a steady recovery. The CAD performed the best rising in recovery in risk, but also on rising oil prices. The Euro had the most notable event of the week due to the monetary […]
7/23/2021 This week, me and Nick caught a crazy move on the SPX500 that we are currently still in at the time of writing this. This one move has netted us around 1,500 pips in equity. We haven't closed, so this number will not be the same when the trade is over, but this article […]
Is it possible to flip an account in a short period of time? Yes, It is theoretically possible. Is it likely? Not really.Unfortunately, flipping a small amount of money in a short period is risky and usually won't go your way. While still possible, this method of trading is more like gambling than trading. Let's pretend you […]
7/22/2021 The past couple months haven't been too good for the crypto market, in fact, the market saw a $90 billion loss since May. If you have kept up with the activity on Elon Musk's account, you might have seen how the majority of his tweets about dogecoin or bitcoin have greatly influenced the price […]