Cryptic ball: follow the Musk.
The original cryptoasset hasn't stopped falling since yesterday's daily close, having almost fully retraced the small bounce it was experiencing. Is bitcoin poised to test $36k or is the pain over? Let's see what Easter can bring us.
- Bulls need $39k to hold. If bears win and $39k falls over the weekend, $33k to $36k is a key consolidation area in which we could be stuck in for a long time before the next big move. And that wouldn't be that bad!
- However, I'm feeling a little bullish today, even if I can't explain why. If I'm wrong, it's just a 2% stop loss that gets triggered. If I'm right, the next bounce will take us at least above $43k so the upside is very interesting.
- Moreover, as Easter approaches, the stock market will be forgotten - so I'm not expecting much volatility over the weekend. As always, I'll be careful - especially if $39k breaks. But now I think bears will give us a break.
Let's also keep an eye on updates from Ethereum's merge. It seems the previously estimated launch in June is no longer on the table, "but likely a few months after". Such a delay would mean that the peak of summer will be quite bearish.
Chart art: follow the miners.
Three things: follow what's lindy.
- Brandon Quittem explores "Bitcoin mining through ecology".
- Route2Fi shares "14 timeless lessons from the crypto market".
- BowTiedNightOwl explains the "age-old concept of cost of capital".