Bitcoin fails after the breakout
Bitcoin broke to the upside from a triangle-like pattern but failed to gather enough momentum to ascend to new all-time highs. Subsequently, its price broke down below $69,000. Interestingly, the preceding rise was not accompanied by a drop in the number of Bitcoin addresses with balances exceeding 1,000 BTC (and also those exceeding 100 BTC), suggesting large speculators are willing to hold even with Bitcoin above $70,000. However, the trend is very weak, as reflected by the low value of ADX on the daily chart. Due to this weakness, it is probably better to stay on the sidelines and wait until some momentum starts to build up (either to the upside or downside).
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD. Yellow arrows indicate a breakout from the triangle-like structure and subsequent failure of the price to continue higher.
Technical analysis gauge
Daily time frame = Neutral (no trend)
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD. Yellow arrows indicate a breakout from the triangle-like structure and subsequent failure of the price to continue higher.
Technical analysis gauge
Daily time frame = Neutral (no trend)
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
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