Jump to content

Recommended Posts

If bitcoin breaks that support it’s going to nose dive down to the 4K levels for sure. 

Personally id be looking to short a small size with a large stop, as there could be a little bounce. 

Long term bullish for bitcoin tho. Everyone is waiting to see where it’ll bottom out before starting to load up in size. Expectation for 2020 halving event and cryptos are likely to skyrocket IMO.

Link to comment

Back up now to retest the breakout level. Will buyers step in to take back control of this level as they did on Friday and in Feb and April?

If the answer is no then the next level down is the next best chance of a reversal because that is where other buy orders will be massing and the lack of buy orders in between will encourage price to drift down (unless of course there is some news story to upset the flow).

Some moves are due to price being pushed by a force and some are due to price being pulled by a vacuum.

(The dark red line is the monthly chart support level)



Link to comment

Yeah, two very good points @TrendFollower, it does look a very awkward place for such heavy buying to step in unless it is a desperate act to save the level, they should have made certain of the 5896 red line.

Buyer or buyers, given the very few individuals who control bitcoin it's a difficult one.

Could this be a short covering short squeeze situation? Certainly, and that would account for the extreme and belated move and therefore the very real possibility of a continuation to the downside to follow.


Link to comment
  • 2 weeks later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Posts

    • Sainsburys full year earnings and Unilever’s first quarter trading update both say the same thing, UK consumers are in for higher prices. The war in Ukraine, supply chain issues and the effects of ongoing Covid all to blame.      
    • US Dollar (DXY) Daily Price and Analysis US Q1 GDP may stall the greenback’s advance. A 20-year high nears for the US dollar. The multi-month US dollar rally continues with the greenback printing a fresh high today ahead of the first look at US Q1 GDP at 12.30 GMT. The US dollar basket (DXY) has been boosted by renewed weakness in the Euro and the Japanese Yen, as investors move from lower-yielding to higher-yielding currencies, while safe-haven flows continue to benefit the greenback. The US growth release later in the session is expected to show a sharp slowdown from the robust Q4 figure of 6.9%. The markets are currently pricing in growth of just 1% for the first three months of this year, with the slowdown mainly due to a reduction in inventory accrual over the quarter. This release is unlikely to move the greenback, unless there is a large miss or beat, as the Fed believe that 2022 US growth will be robust enough to let them tighten monetary policy sharply without damaging the economy. The latest US Core PCE data – the Fed’s preferred inflation reading – is released on Friday and this may have more effect on the US dollar than today’s GDP data. For all market moving economic data and events, see the DailyFX Calendar. The ongoing US dollar rally has been aided by weakness across a range of G7 currencies including the Euro, the Japanese Yen, and the British Pound. The Euro continues to battle with lowly growth expectations, exacerbated by energy concerns, the British Pound is mired by weak economic data, while the Japanese Yen is in freefall as the BoJ continues with its ultra-loose monetary policy.   The US dollar continues to press higher and looks set to break above 103.96, the March 2020 high. Above here the US dollar would be back at levels last seen nearly two decades ago. The March resistance will likely hold in the short-term, especially with month-end portfolio rebalancing at the end of the week, but US dollar strength is set to continue in the months ahead. USDOLLAR (DXY) WEEKLY PRICE CHART – APRIL 28, 2022 {{THE_FUNDAMENTALS_OF_BREAKOUT_TRADING}} What is your view on the US Dollar – bullish or bearish?   Apr 28, 2022 | DailyFX Nick Cawley, Strategist
    • While Tesla has nothing directly to do with Elon Musk buying Twitter - TSLA stock closed down 12% on news that Musk may have to sell stock and use other holdings to stand against the loan to finalise the purchase of the social media giant.        
  • Create New...