Crypto Market Update

Hello everyone, the current price of Bitcoin is $9,303, with around 7.3 billion USD in trading volume at 9:08 AM (Central US) and 2:08 PM (UTC). The price of Ethereum is $750, with trading volume at 2.9 billion USD.

Over the past 48 hours Bitcoin has continued its slide, falling 1.4% further to a current price of $9170. However discouraging the last few days have been in terms of price action, we still believe Bitcoin is flowing naturally in an upward channel that was started around April 20th . We expect a bounce in Bitcoin from these levels towards the upper region of the channel, which would ultimately have it breaking the psychological 10k level before a retest of resistance at the top of the channel. We are eyeing the $9050 level as crucial support for current price action. If this bottom support on the channel is broken, then we will for the short term reconsider our bullish bias.

In order for the channel to continue, Bitcoin’s price required a healthy bounce between $8,950-9,050. We saw exactly this with a swing low reversal on the 4hr chart as Bitcoin deviated from a falling wedge that had been developing since $9,900. This essentially means that at the pivotal channel support, which Bitcoin has remained in since April 20th, the price, with healthy doses of volume, rebounded significantly, which indicates that there were many eager buyers in this area hoping to purchase at that price. These events give us confidence that accumulation from the buy side is still continuing, similar to what we saw when Bitcoin was in the mid $6,000’s. :raised_hands:

Occurrences such as those found above, are positive indicators that we will, once again, retest the upper bounds of the channel resistance north of the psychological barrier at 10k.

For those most experienced in the cryptosphere, you likely see why we meticulously analyze Bitcoin’s price movements. To anyone who falls outside this degree of comprehension, our diligence intends to provide an adequate explanation. Feel free to contact us if there is any degree of confusion.

Although, a large percentage of our portfolios are held in alt-coins, especially when bullish momentum floods the market, the profits in this space are determined by the health of $BTC. Bitcoin, as absurd as this may seem, is generally the most stable asset in this space. All other cryptos react with varying degrees of volatility when compared to the movements of Bitcoin.

When the cryptocurrency ecosystem loses momentum, a devastating blow tends to occur to those primarily invested in alt coins. The direction in which $BTC trends, is a herculean indicator on how the rest of our positions will likely perform. This is why we consistently monitor Bitcoin’s price action, to ensure our whole community knows which cryptocurrency indicator is necessary to understand how the rest of the market will perform.