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 of most cryptos in either direction. His influence on Twitter and social media broadly affect the behavior of bitcoin and other altcoins, and in a recent interview, he mentioned that he "might pump [bitcoin] but I don't dump".
Lately, we've seen a lot more businesses and institutions getting involved or talking about getting involved in crypto or bitcoin specifically. The price of bitcoin has also hit some hard support that has held price above this level in the long run. I think bitcoin could see some upside going into this weekend now that we've seen some good news and two days of green so far. And crypto does tend to perform better on weekends after a period of buying during the week. We just need to see how the coin fares the rest of today and tomorrow.
Bitcoin shows some hard rejection from the lows on the 4H timeframe and comes up to test resistance around the falling trend line starting in late June. Something to look out for is a decrease in volume and/or a hard retracement from this trend line; this could mean yet another lower low will form, and that would be very concerning considering that we will probably test the very bottom of the consolidation zone. However, if we see a break above this falling trend line, we could see price continue to the top of this zone where there are several tops on this timeframe.
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 […]