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Bitcoin Awaits Inflation DataBitcoin is looking weak, but is holding strong around $19.0K exactly. We have been holding a narrow range around this level all week, with green and red triangles on the KRI around the highs and lows of range, respectively, to provide confirmation of consolidation of volatility. The entire markets are hinging on this CPI print, and crypto is no different. If CPI comes out hot, then this will confirm the Fed's hawkish stance and the markets will likely reel back yet again. A cooler print may indicate a peak in decades high persistent inflation that will give the markets the green light to rally. If so, $19.5K is the next target, but we do not anticipate much more momentum after that, with $20K a likely ceiling. If we reject current levels then $18.6K is likely to provide support with $17.6K a likely floor.
BITSTAMP:BTCUSDShort
by quantguy
1
Bitcoin To Bottom Out Soon?Bitcoin has tested $19K, edging below it and finding support before the next level at $18.6K. We are encountering resistance again, immediately above $19K, and it is unlikely we will get the momentum to seek higher values, but if so, then $19.5K is the next target. If we are somehow able to surpass this level, then $20K is will surely provide resistance. It is likely that $18.6K will hold as a low, but if not, $17.6K should be considered a floor price.
BITSTAMP:BTCUSDShort
by quantguy
10
Bitcoin Finds Support at $19KBitcoin has continued to establish weakness, breaking through our level at $19.5K. We are currently finding support at $19.0K, confirmed by green triangles on the KRI. We have added this as a new technical level on the chart. The Kovach OBV shows little signs of life, and if we break down from here, then $18.6K is the next target. We feel BTC needs to bottom out again before a signfiicant rally. If we do rally, then $19.5K will provide resistance and $20K is almost certainly a barrier for now.
BITSTAMP:BTCUSDShort
by quantguy
New Crypto Millionaires are almost ready to be bornA finfluencer said today on his Instagram reels: 'On the topic of Bitcoin dominance ( CRYPTOCAP:BTC.D ) I really dislike this metric. I don't think that is very relevant any more. The reason why I say is that because 1. it includes stable coins, which stable coins have an enourmous market cap and continue to grow as market matures. The issue with including all altcoins is that is very easy to create new ones that don't necessarily have any true value but they get included in the CRYPTOCAP:BTC.D calculation thus lowering it despite not actually making any major difference'. I was curious and felt challenged. What I have found out was similar to Einstein's Eureka moment. The claim is that USDT market cap ( CRYPTOCAP:USDT ) plays a significant part in CRYPTOCAP:BTC.D but it gives an distorted image. I distracted CRYPTOCAP:USDT from CRYPTOCAP:BTC.D to see till what extent there is a relation by using their relative strengthness. There is not much data and because it probably happens in every Bitcoin cycle only, next conclusions I can draw: 1. if CRYPTOCAP:USDT crosses up CRYPTOCAP:BTC.D and maybe as 2. condition at the same time BTC price crosses up EMA 21, you can start hodling; 2. as long as the CRYPTOCAP:USDT remain above CRYPTOCAP:BTC.D no need to panic as long as you are a day trader: every time BTC price close below EMA 21 you can take profit on your spot position and/or consider short and every time price close above EMA 21 you can buy spot and/or consider long position; 3. if CRYPTOCAP:USDT crosses down CRYPTOCAP:BTC.D you stop/continue hodling and/or consider a short position; 4. as long as the CRYPTOCAP:USDT remain below CRYPTOCAP:BTC.D and the BTC price hits EMA 21, consider this as to open short position; 5. if the CRYPTOCAP:BTC.D is decreasing below 50% level and the BTC price is increasing and remains above EMA 21 (see arrows): the best moments to create altcoin baskets. Hopefully the history will repeat!
BITSTAMP:BTCUSDLong
by MyNameIsEmrah
Bitcoin Struggles with $20KBitcoin is facing resistance around $20.4K, with several red triangles on the KRI to serve as confirmation around this level. This follows a higher than expected weekly unemployment figures and statements from the Fed that their rate hike outlook will remain hawkish. The Kovach OBV has wavered a bit suggesting we will need more momentum to come through to hit $20.7K. We expect the current range to hold with $19.5K as a lower bound and $18.6K to hold as a floor price. We don't expect any strong momentum to come through, but if so, we must break $20.7K to reestablish the $20K's and consider higher levels.
BITSTAMP:BTCUSDShort
by quantguy
Relief Rally in Bitcoin Stalls at $20KBitcoin rallied off of a bid in risk-on assets, as investors become hopeful that the Fed will pivot from their hawkish stance. Risk-on assets have rallied, and the sentiment has bled into the crypto markets, with Bitcoin breaking through $19.5K. We are meeting resistance at $20K, which is anticipated. If we are able to break through then we will meet immediate resistance at $20.7K. We are meeting resistance at current levels confirmed by a red triangle on the KRI, and if we reject this level, then $19.5K or $18.6K are sure to provide support.
BITSTAMP:BTCUSDShort
by quantguy
Will Bitcoin Test Lower Levels?Bitcoin has been meandering between $18K and $19K, maintaining a very narrow range. The Kovach OBV has completely leveled off and is starting to turn downwards and the price wanes. This suggesets we will most likely maintain the range between $18.6K and $19.5K, unless some momentum comes through either way. Gloom in risk-on markets suggests another dump is likely before any serious buying occurs. If so, we can expect $18.6K to provide support, then $17.6K after that. We are placing some limit orders at $17.6K, as this is a significant low and a likely floor price for now.
BITSTAMP:BTCUSDShort
by quantguy
1
Bitcoin Attempts a BreakoutBitcoin has established value in the mid $19K's and appears to be making an attempt to break out. At the time of this writing we are seeing a wick above $19.5K, a strong level of resistance and upper bound to the bull wedge BTC was forming. The Kovach OBV is incredibly bullish suggesting a divergence in price that is being realized at this moment. We are currently running into resistance at $20K, but if we can break through then $20.7K will provide resistance, and is our next target. If we retrace, then $19.5K or $18.6K will provide support.
BITSTAMP:BTCUSDShort
by quantguy
Bitcoin Gains Off Dollar Selloff and Risk On PivotBitcoin pivoted off of $18.6K. We anticipated support off of this level, and a bid in risk-on assets combined with a selloff in the USD was able to lift BTC to $19.5K. Currently, this level is offering significant resistance, although the Kovach OBV has picked up a bit. We don't anticipate much more action, but if so, $20K is a likely ceiling. We expect a retracement back to $18.6K, and if that does not hold, then $17.6K is a likely floor.
BITSTAMP:BTCUSDShort
by quantguy
3
Bitcoin Retraces Bull AttemptBitcoin saw a brief divergence with risk-on assets, as we commented yesterday, which proved to be a fluke. We mentioned that we would see resistance around $20K, which is exactly what happened. Prices were quickly batted down to $18.6K, which we also anticipated would be the case. From here, it is critical that levels hold, or we will establish lows again of $17.6K. Support is holding, but is looking quite weak. If we somehow are able to pivot again, then $20K is sure to hold as a ceiling.
BITSTAMP:BTCUSDShort
by quantguy
1
Thoughts on Bitcoin's RallyA strong buying impulse in Bitcoin pushed us past $19.5K and hit our target and anticipated ceiling of $20K. As anticipated, we are seeing extreme resistance here, confirmed by a red triangle on the KRI. The Kovach indicators are very strong, suggesting that this rally has some momentum behind it. This stands in stark contrast to persistent selloffs in virtually every other risk-on asset. One possible explanation for this this is inflows from the Russian market seeking to fund their exodus from a potential draft. If the rally continues, we are sure to meet further resistance at $20.7K, with $22.4K as a likely ceiling. If we reject current levels, then $18.6K should provide support once more.
BITSTAMP:BTCUSDShort
by quantguy
1
Bitcoin Maintans the Range After FOMCBitcoin saw some volatility from the FOMC yesterday. We did not get the 'dovish hike' that the markets expected and risk-on assets responded accordingly. We did see support from $18.6K (as anticipated and voiced here in these reports). We are currently seeing a meager pivot off of this level, but there is very little momentum associated with it, so we don't expect to break the next level at $19.5K. If we do, $20K is the next target and we should see resistance there. If $18.6K does not hold, $17.6K will surely provide support.
BITSTAMP:BTCUSDShort
by quantguy
Bitcoin Quiet Ahead of FOMCBitcoin caught a bit of a pivot from $18.6K, which has provided strong support before. It held strong again as Bitcoin tested it with another dump from $19.5K. Strong support was confirmed with green triangles on the KRI. We made another run for $19.5K, but this was immediately rejected, as we mentioned in yesterday mornings report. It is unlikely BTC will have the strength to break this level any time soon, but if it does, then $20.7K is the next target. If we dump again, $18.6K should hold but if not, then $17.6K should be considered an absolute floor. Watch for ranging before the FOMC at 2 PM EST.
BITSTAMP:BTCUSDShort
by quantguy
2
Bitcoin Slammed as Investors Prepare for the Fed Rate HikeBitcoin got slammed as investors brace for another rate hike this week. All risk-on assets are selling off with Dow futures falling 200 points, and the S&P 500 testing relative lows. Bitcoin gave up the $20K's, finding support at $19.5K for a bit. Last night support gave and we tumbled further to support at $18.6K. We are currently seeing support here confirmed by a green triangle on the KRI, but it's also looking quite weak. Additionally, there is a lack of a pivot, suggesing that investors are still not enticed to buy back at these levels. If the selloff continues, then $17.6K is the next target. If we are able to pivot we will likely see strong resistance at $19.5K or $20K.
BITSTAMP:BTCUSDShort
by quantguy