Bitcoin Correction Was Sharp but (Too?) Short-Lived
Bitcoin fell sharply a few days ago, just hours after we warned of this likelihood in the last column. The fall was dramatic but stopped much sooner than I expected. I have spent the past few days looking for either a sign the fall was about to resume, or that the bull market would resume instead. After a long rally from the swing low, the market fell sharply upon reaching THE END OF THE 4TH SQUARE IN TIME. It found support precisely at the 2×1 Gann angle and the bottom of the 2nd square. That support would be found there would not be a great surprise, but still, it seems “not enough” of a....
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Bitcoin price is back above $50,000 after a short-lived correction in the range below the key level. However, since the cryptocurrency has reclaimed the halfway point to $100K, open interest has skyrocketed. The sudden sharp increase in open interest has traders cautious currently. Here’s a closer look at why that’s the case and what could […]
Bitcoin price correction was fierce, but short-lived. As this column is only updated every day or two, I don’t typically show short-term charts. But I thought this chart might be interesting for some who are following the column. This two-hour chart shows that the correction occurred almost exactly at the top of the 5th square of the setup. Interestingly, the rallies also accelerated as soon as the 2nd and 4th arcs were cleared. The correction went exactly to the 1×1 Gann angle (45 degrees). So we are once again confronted with the question: “What’s next?” As usual, I don’t know anything....
Bitcoin price suffered a powerful correction from the 2020 high of $12,400, taking the crypto asset back below $10,000 briefly. After a short-lived dead-cat bounce to $11,200, Bitcoin price is back once again at $10,500 and trying to hold. Although the correction has been steep, the selloff closely resembles the last bull market’s most violent […]
On-chain data may suggest short-term Bitcoin holders could be behind the latest correction in the cryptocurrency’s price. Bitcoin Short-Term Holders Behind The Correction? As pointed out by a CryptoQuant post, on-chain data may hint that selling from short-term holders might be the drive behind the recent correction. The relevant indicator here is the Spent Output […]
Here's what we are looking at for today's morning session out of Europe in the bitcoin price. We’ve seen some pretty solid patterns this week in the bitcoin price. The weekend action offered up a nice sharp movement – one that we managed to take advantage of and draw a quick profit from the market. We then noted that – as a hypothesis based on the consolidation we saw post-break – we could be in for another sharp move when markets finally picked up a directional bias. Again, we got this move during yesterday’s session, with a sharp downside break offering us another opportunity to pick up....