Is There Any Support?
Bitcoin and ETH test critical support levels
Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, GC, CL, ES, and NQ as well as our favorite altcoins
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IRS Trains Ukraine Law Enforcement to Track and Trace Russia's Cryptocurrency Moves (Decrypt)
Fund managers still lured to crypto ‘because of the returns’ (DLNews)
If you haven’t yet, you should watch to yesterday’s weekly update where I review the ETH and BTC charts. There is a possible Head and Shoulders pattern forming on the daily time frame. The target of this pattern would be coincidently near the 200 day moving average.
Adding to the strange coincidences, the last bounce off the 200 day moving average coincided with the day SVB bank failure was in the news. It is likely coincidence because other banks are in distress and Bitcoin is not rallying on similar news.
There is a strong chance that Bitcoin continues to trade respecting technical levels because of the lack of market participants. With most of the new spectators having sold their Bitcoin in 2022 and Hodlers refusing to sell, the active traders can become the dominate force in setting the price.
If people aren’t running into Bitcoin as an escape from the banks like Balaji predicted then technical trading takes over and right now the most obvious technical move is a retracement to the 200 day moving average.
One support level exists between the current price and the 200 day MA and that is around $25k. This is the bottom of the May 2022 wick that acted as resistance for nearly a year after.
This could be a great moment to become a spectator and wait for consolidation.
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
Short because 50 day MA fails to act as support expecting a move to 200 day
Do nothing and wait for a break out of the 50 day MA or a retracement to the 200 day MA to buy
The Bulls’ Defense:
Price above the 200 day MA
The Bears’ Prosecution:
Potential Head And Shoulders top
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal checks in on the NASDAQ and crypto’s relative performance.
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