Good Morning, Traders!
Bitcoin is on the rise once again! At least that's what most analysts are skeptically saying. BTC/USD has been forming an ascending wedge since the beginning of this week. The price is reaching, and breaking, many resistance levels in the 4hr time-frame. It is currently testing another at $8,600 and may be in the formation of a Head and shoulders formation (although it looks a bit odd). If this resistance level is broken, there are not any strong resistance levels until the level of $9,100. Pairing this along with the fact that the Ichimoku cloud recently reversed and became green, we can treat this as a reversal point rather than a very vague head and shoulders pattern.
Important Resistance Levels: $9,700, 9,100
Important Support Levels: $8,370
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
Bitcoin is on the rise once again! At least that's what most analysts are skeptically saying. BTC/USD has been forming an ascending wedge since the beginning of this week. The price is reaching, and breaking, many resistance levels in the 4hr time-frame. It is currently testing another at $8,600 and may be in the formation of a Head and shoulders formation (although it looks a bit odd). If this resistance level is broken, there are not any strong resistance levels until the level of $9,100. Pairing this along with the fact that the Ichimoku cloud recently reversed and became green, we can treat this as a reversal point rather than a very vague head and shoulders pattern.
Important Resistance Levels: $9,700, 9,100
Important Support Levels: $8,370
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst