BTCUSD Market Update - 5/13/21
Bitcoin made a local high at $64,581 and now is definitely coming down. Bitcoin caught support at $47,000 and at the moment it is holding but I don't think this support will be sustainable and I see Bitcoin coming back down to the $41,337 level which is the 1.618 Fib.
If we form a new lower low on close, the 77k chart play is invalidated for the time being and we're going down. The higher low formed on February 8th hasn't been backtested yet and BTC looks like its going to come back down to there and then reverse off those levels.
Right now there is a global elite push against Bitcoin and other cryptocurrencies pushing a negative narrative in the 24/7 news cycle. Binance is also said to face investigations from the Justice Dept, IRS which isn't good. CZ runs the company from his laptop with no physical headquarters or address.
If we form a new lower low on close, the 77k chart play is invalidated for the time being and we're going down. The higher low formed on February 8th hasn't been backtested yet and BTC looks like its going to come back down to there and then reverse off those levels.
Right now there is a global elite push against Bitcoin and other cryptocurrencies pushing a negative narrative in the 24/7 news cycle. Binance is also said to face investigations from the Justice Dept, IRS which isn't good. CZ runs the company from his laptop with no physical headquarters or address.
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