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Tuesday Inferno market update

Tuesday Inferno market update

Analysis

TL;DR Two legs down, one leg up, reverse, rinse, repeat. The market is on a knife-edge.

 

The picture today is not so very different from the way things have looked over the last few weeks. In summary, we’re seeing periods of stagnation and price drifting along, slightly upwards, slightly downwards, but punctuated with sudden large moves both up and down. These are likely due to liquidation hunting bots or whales, which wait for longs or shorts to pile up, and then push the market in the other direction to liquidate them.

 

Bitcoin is trading above the 50 and 100-day moving averages, but still well below the 200-day MA ($4,900). There’s a resistance zone around $3,900, and the RSI is pretty neutral. We haven’t seen that push we need towards $4,200 to restore the (temporary) uptrend. Volumes are a lot higher than they have been, according to CoinMarketCap, but a lot of that is looking suspicious, with several ‘large’ exchanges likely faking volumes.

 

So bitcoin is stuck in a range, and there is still little indication of whether the next major move will be up or down. Given the state of things, we suspect that the move, when it comes, will be impressive either way. Zooming right out to the 3-day or weekly, things don’t look great; price is drifting sideways or slightly upwards, on broadly decreasing volume. It’s hard to call it a bear wedge, but it’s hardly bullish. But bitcoin constantly surprises its traders.

 

In other news, today is the 30th birthday of the World Wide Web! Congratulations Tim Berners-Lee – who is less than impressed with the state of his creation, which he says is in a ‘downward plunge to a dysfunctional future’.

 

In better news, the largest blockchain ETF starts trading on London Stock Exchange. It’s not a bitcoin ETF, and won’t directly invest in crypto – it is composed of 48 companies active in the blockchain sector.

And lastly, security website cryptosec.info has published information that proves Craig Wright is the real Satoshi Nakamoto.

Red hot news, scorching wit and searing opinion pieces from Crypto Inferno.

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‘Tuesday Inferno market report
Bitcoin has found support at the $7,800 level, but the medium-term direction is unclear.’
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