It’s clear now that the initial optimism from the beginning of 2018 regarding the institutional crypto trading and the launch of crypto ETFs was premature. The 2017 crypto hype that catapulted the price of bitcoin to $20k was a result of expectations that the introduction of bitcoin futures will attract huge institutional demand. This however
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We would like to see the market turn around top of the channel, stop hunting towards 7500/7000 possible and then rally towards 15 000. Should you have any questions feel free to contact us anytime.Good luck Champs!Mr Hawk DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view
Before the hurray-optimism will take over or we decide to turn the light off… let’s check the chart with cool head: We need a daily close above 7000. Possible supply based on daily chart starts around 6800. …and we have hit that supply, the first attempt was rejected (but it was not a strong rejection….yet)
Looks good on daily chart and with latest volume it is possible we will see prices higher. What I would like to see is a 2x daily close above 1100/1150.
The intraday scenario is based on our previous longe-term analysis. The recent price action is positive however we did not get the full advantage of lower levels. We do expect intraday stop hunting to the downside (see chart) followed by higher prices after that (as long as we do not make lower low on higher
Clear intraday stop hunting! If you knew what to look for and you were focused enough, you would see it as a nice opportunity to trade intraday from long side. On the other hand nothing has changed from higher timeframe perspective, we stay still within the range. Of course, the recent price action suggests top
The bulls were able to stabilize the situation on Aug 7, when the market hit possible demand zone based on weekly chart (blue zone) and lower shadow (pin bar) was created. Even more, the rally we have seen was bigger in size than previous corrections. First test of psychological 100k was rejected but bulls were