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Assessment: The pivots calculated by the TSP algorithm remain incredibly surgical. Look where price has stopped once again. A move and close above this level will likely see shorts cover and a move up to $70,000 for the next test.
Bitcoin chart: https://sblk.io/s/zZvxCru4c9SkteK
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: Perfect technical picture so far with Bitcoin. Support right at the 50 day SMA after rejection by the algorithm’s pivot calculation.
Bitcoin Chart: https://sblk.io/s/DAGXhkuMi9iAIOm
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: Total rejection of the pivot at $68,175. A break of $60,000 again likely sees some strong selling because it will be the second time in the short term where the pivot at $62,915, the 50 day SMA, the 200 day SMA and the round number support at $60,000 failed.
Bitcoin: https://sblk.io/s/wyxzTquAh5CgOiOl
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: You think these pivots are important? These same blue lines have been on my chart since I put it up at the start of the year…and look how price is behaving once again at the pivots…this time the $68,175 level. Clear resistance here, but a breakout likely pushes prices to $70,000 for the real test of round number support.
Bitcoin chart: https://sblk.io/s/0w4GsAu7IrsY4ub0
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: Bitcoin is back in between the pivots and being supported by the 50 day moving average. Resistance is the $68,175 pivot and round number resistance at $70,000. The $72,500 level have been the hard resistance. So, we are in a tough spot…trading bullish doesn’t leave a lot of room to a couple levels of key and strong resistance. At the same time, the four levels of support make it tough to setup an entry on the bearish side. If I were going to enter a bearish position I would need to see a break of the 50 SMA, pivot at $62,915, round number support at $60,000 and the 200 SMA (which is approaching $60K for a double setup at that price). Then there would be some downside room for bears. For bulls, a crack above $72,500 and close above that level would likely trigger short covering and a run higher.
Bitcoin Chart: https://sblk.io/s/X35Xu5u1SocAFrd
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: Bitcoin recaptured the 200 day SMA and used that to springboard above round number resistance at $60,000 and the pivot at $62,915. The bulls have the ball, but really need to break the next pivot resistance to show any sort of strength on this one…not to mention they first have to contend with the 50 day SMA.
Bitcoin chart: https://sblk.io/s/wyxzTquas7F4s7
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: Bitcoin continues to struggle with the 200 SMA.
Bitcoin chart: https://sblk.io/s/e3rvuXuRcJU0dtEa
Broader markets have been very quiet, although some volume actually showed up on Thursday and brought the selling. Whenever there is selling we get volume…otherwise it is a low volume slow bullish climb higher. Today we have a complete reversal of yesterday’s selling, the volume pace is low and usually dies out around 12pm ET on Fridays.
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: The 200 SMA is proving to be tough for Bitcoin. Just no real bullish push right now in cryptos…which sort of goes with the lack of any buying interest in the financial markets.
Bitcoin chart: https://sblk.io/s/1elwTKu9UYCkhPa
I keep saying it, but this is the first year in a long time that it seems all the institutions and traders said to one another, “what do you say we all agree not to trade so nobody gets hurt and we enjoy 3 months off?”
Maybe something gets exciting in the weeks ahead…but I would not bet on it based on “past performance” this summer.
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: Last week was pretty much dead in the market. The usual slow grind higher for holiday week is what we saw in play. We will see if the traders return today or early in the week and bring some action. However, so far in 2024 it has been “sell in May and go away” in full effect as trading volumes are laughably small. I don’t recall a year in recent memory with this low of volume in the summer months.
Bitcoin is currently struggling with the 200 SMA. Bitcoin bulls will want to see price break above the 200 SMA otherwise we could get the kiss goodbye and further selling that will likely lead to a battle at the $50,000 level.
Bitcoin chart: https://sblk.io/s/3RZwt1u4InI7NhaX
Good luck in your trades!
The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: You think that pivot at $62,915 was meaningful? LOL! It’s been on the chart for months and look how price behaved on July 1st before Bitcoin finally sold off. The sell-off is now underway. As discussed, the key would be once $60K broke then we would see an acceleration in selling and that is what we have seen thus far (Chart #1).
In Chart #2, the next meaningful support level will be round number at $50K. If that fails to hold then there is a good chance we head to the lower pivots (blue lines) at $42,024 and $37,492.
Bitcoin Chart #1: https://sblk.io/s/peMvTPubSQs2Qh69
Bitcoin Chart #2: https://sblk.io/s/BYmwU7uESzskRidy
Have a great weekend!
Good luck in your trades!