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The 59,500 dollar level could offer an interesting long entry. That feels a bit aggressive though, and another option for a long would be at the 57,000 dollar area instead.
https://www.tradingview.com/x/djJxT2Dh/
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We're currently seeing a small bounce off the 64,000 dollar level. This is the third retest of this support level and in my opinion, Bitcoin needs to hold this support if it wants to see the 70,000 dollar again relatively soon.
Indicators on the hourly have failed to support Bitcoin throughout this drop, and even the 4h EMAR ha snow turned into resistance.
https://www.tradingview.com/x/YCtG1WMe/
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Bitcoin lost over 6% within just 11 hours yesterday after the US government moved 2 billion worth of Bitcoin is seized from Silk Road a few years ago. After setting what looked like a local bottom (arrow), BTC swept that low in the night and is currently bouncing back up, at least for now. This is a significant drop, especially considering that nothing happened yet - those Bitcoins don't seem to have been sold in the open market, so this dump was caused by FUD alone.
The first important price level to reclaim is the 67,400 dollar level.
https://www.tradingview.com/x/1wWIh2GB/
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Highly interesting MATIC chart: The 0.55 dollar level has been acting as both strong support and strong resistance over the past few weeks. Currently, it's acting as resistance - implying that it could act as support again in the future. If MATIC overcomes this level, it could find new support there in the future, making for an excellent long opportunity.
https://www.tradingview.com/x/f5sJy0f0/
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Bitcoin is now establishing a small sideways trading range, which could cause the next leg to the downside.
However, if we instead recover back up to 57,000 dollars, BTC might offer a beautiful short entry.
https://www.tradingview.com/x/sGG80ef5/
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Bitcoin continues to trade inside this sideways channel. With no hourly candles closed above 62,200 dollars in 4 days, the recovery has come to a complete stop. The next move might depend on the direction Bitcoin leaves this triangle; If it's to the upside, we could retest 64,000 dollars. If it's to the downside, BTC might very well sweep the local low.
https://www.tradingview.com/x/ZNtY8NtC/
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Pfffft hahahahahaha.
Like I said on both streams, I don't hold the answer on if we bounce from here or not. It's obviously not a good chart right now.
But this F&G index rating tells us a lot about where people get bullish/bearish & lines up conveniently well with a macro range of support.
I'll just leave it at that.
I've still not taken any positions or exited any of my crypto holdings & I still don't hold any alts yet.
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Overcoming the 61,500 dollar area won't be easy for Bitcoin. BTC has been stuck below this very important resistance for 18 days now and got rejected there again just yesterday.
On the upside, the 58,000 dollar support is holding well.
I'm going to look for longs above the 61,500 dollar level and for shorts below the 58,000 dollar level.
https://www.tradingview.com/x/KTqyBudi/
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Bitcoin dropped back below the important 60,000 dollar mark and I believe that this could be a real problem. This drop caused the EMAR on the 4h and the 1h to become bearish once again. The Ichimoku cloud on the 4h is still red and BTC is now trading inside that cloud. The cloud on the hourly is still green, but Bitcoin is just barely holding on anymore.
There's some horizontal support at the 57,000 dollar range, but that's the last support for a while. After that, Bitcoin could face another big drop.
https://www.tradingview.com/x/pBeXCZA1/
- @Forflies
This is a green weekly candle now and is looking a lot better already. But as I mentioned before, BTC also needs to close this candle in the green - and that close is still 3 days and 9 hours (UTC) away from now.
Keeping an eye on this.
https://www.tradingview.com/x/aPuOsgUM/
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We just got a small double bottom at 65,500 dollars. Last time this happened, BTC made its way back up right after, and that doesn't seem impossible this time either. The recent drop was likely caused by some FUD, meaning there wasn't really a lot of substance behind it - and that implies that BTC might not have a lot of trouble bouncing right back up to the 68,000 dollar area.
https://www.tradingview.com/x/62T10i5D/
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V-shaped correction here on Bitcoin, which is a very good sign. What's even better is the fact that this is happening while the SP500 is dropping significantly. Finding such strength during a drop in the stock market is pretty bullish.
https://www.tradingview.com/x/SuG0INsF/
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https://youtube.com/live/N3IOaJiqTog?feature=share
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I am live on YouTube in 10 minutes to cover this BItcoin pump.
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Other coins, like Arbitrum, are even trading at a new all-time low.
https://www.tradingview.com/x/c0z5zISt/
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Bitcoin appears to be printing some kind of ascending triangle. That is a bullish pattern and after such an extended sell-off, a move to the upside certainly feels overdue.
However, any potential upside today might very well be the result of an SPX move, which just opened its trading day in the green.
So far, nothing has changed for Bitcoin. It might reclaim neutral territory in the long-term, but even with a potential move up from here, Bitcoin's outlook will remain bearish in the short-term.
https://www.tradingview.com/x/uPmCmduE/
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