Post Miami blues?
3 min read

Post Miami blues?

Cryptic ball: boredom over blues.

This has been an exciting Friday in the crypto markets, with bulls and bears fighting hard. Bitcoin had a double bottom on the hourly slightly below $43k, but bears struck again. What happened and what to expect this weekend?

  • Currently, I'm inclined to believe we'll see another test of $42k. This is a more critical zone that I've been highlighting in the yellow line of my charts since almost a year ago. I'm expecting a bounce but I could be wrong. Why?
  • As stock markets are closed during the weekend, macro traders have been increasingly expressing their views with bitcoin. The current uncertainty warrants caution, so I posit many want to be short over the weekend.
  • Additionally, bitcoin is already down 10% since March's highs. After the $45k support zone failed, it seems obvious that longs have their stops right below $42k, so bears are incentivised to tap that area for liquidity.
  • So, the true question is what happens next. I've been telling you I'm optimistic and that view remains. Just be aware that if liquidations in the $42k zone are extreme we may see a peak in fear that would push BTC into its previous range.
  • See today's chart to get a clear picture of the previous range and note that there's also meagre support around $40k. But if that doesn't hold then I'd be wrong and the bears would win once again. Let's hope this is a boring weekend!

Chart art: bulls over bears.

Again, this is the same chart I've been sharing over and over. If this confluence of supports doesn't hold, we can expect bears to rule for a while before we have one final chance to resume the spring pump towards $52k. Time to wake up, bulls!

Three things: contrarianism over hopium.

Tweet tip: nibbling over slurping.

Check Slurp's thread if you need to check your biases!

Meme moment: hermione over harry.

Wait until we experience 2018-2019 levels of pain.

FV Bank: talking about Bitcoin and Banks.

Hey there, that's me in yesterday's Bitcoin+Banks panel discussion at BTC Miami, with Caitlin Long! If you're here come see us at booth #1101.

Get started: learn more about FV Bank.

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.