BTC update
04/03/2019/18:00CET
BTC and cryptos have fallen today but are holding onto key support. Lets take a quick look at the latest...
Lets take a look at the charts then...
BTCUSD Bitstamp Daily
- we are trading at 3715 usd at the moment after retracing about 80usd in the last 6 hours.
- market action has seemed to find support at our descending channel boundary that was resistance and is now support
- There has been some resistance around the 3650 mark over the last weeks, so we may get a bounce at this level.
- Many crypto pundits talk about a double bottom. I think the probability of this is so tight that I do not want to venture a call on this.
- If we get a double bottom at the 3k level, then it is likely to happen by the end of May.
- I feel we need to look at the traditional markets for signs. A significant weakness could spell both doom and delight for cryptos.
- Doom as in the requirement to liquidate crypto holdings to cover margin positions in traditional markets (assumption many crypto holders are also equity holders and play on margin),
- or delight that the story of crypto is finally vindicated as the classical monetary system can no longer hide its failings.
As always guys, leave comments, have fun and trade safe.
Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.
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