Two weeks ago, COT data showed a flattening in long contracts bought by institutions which then spiked last Friday when big money bought the most amount of long contracts in over a year. Meanwhile, short position contracts declines slightly last Friday.
What I feared last week was big money moving out of these long positions and looking to short the coin after it hit all-time highs. But that fear subsided after seeing this latest report from COT. Now it looks like bitcoin won't be entering into a longer-term downtrend for at least this week, although it could still pullback to support before climbing again.
Price hit ATH and looks like it might be ready to pull back, although there is still lots of time for the candle to change behavior until the close. Support can be found at the rising trend line that did end up supporting price enough for it to not collapse, and $64285 could serve as additional support as well.
12/2/2021 US equities fell 5% from the highs after fears of a new coronavirus variant emerged and the first case was recorded in the US. SPX500 is up .10% on the day at the time of writing this. Our outlook The new omicron variant is definitely concerning most investors right now as the US will […]
Check out my previous G/U deep dive from early October here to see how we have progressed... Technical Outlook: Price has mainly been travelling in channels throughout the past year. As we saw the ascending channel formed post-Covid last year, price began retesting all previous key horizontal levels. Over the past couple of months, price has […]
11/30/2021 Gold price rose 0.59% on the day at the time of writing this in light of the uncertainty surrounding the Fed's policy towards the new variant and tapering of asset purchases. Our outlook I think gold will likely see some green today as the virus concerns can cause a slow in growth since the […]