Cyber Bulls
3 min read

Cyber Bulls

Cryptic ball: sidelined bulls are waking up.

Over the weekend, bitcoin continued testing the lower bound of the trend I've highlighted Friday. Many were afraid bears would strike hard on Sunday, but as more and more people started turning bearish it became more interesting to liquidate these late shorts. And that's what happened Sunday night, UTC time, when BTC finally broke below the $53.5k support. Longs were stopped and fresh shorts were opened at that level, which incentivised bulls to start pumping the corn, which rose 8% until the weekly candle closed - causing the highest number of shorts (still a small amount, though) to be forcefully closed since November 8th.

That was good, but what's better is that this Monday the bulls continued. As you can see below, the original cryptoasset has finally overcome the diagonal resistance it was facing for the past 20 days, after November 10th's all-time high. Now, as explained last week, this might soon invalidate the dead cat bounce scenario. The first hurdle has been overcome, but we still need a higher high above $60k to change the bias of those concerned with short-term price action.

Fortunately, on the other end of the time preference spectrum, it's good to see that Michael Saylor continues buying bitcoin. Microstrategy's CEO just announced he "recently" bought 4,000 more bitcoins for $414 million; just some pocket change, right? While that's just a drop in the weekly cryptoasset flows, it signals confidence in a market that was needing it, after Moonvember's meme failed to blow our charts up. Lastly, note tomorrow is the monthly close. I'm not anticipating much volatility given what has happened over the past days, but let's keep an eye out!

Chart art: but we're not out of the woods yet.

Let's see where the daily close lies. Bulls need to recover the 200-period MA on the 4h asap.

Three things: it's all fun and games.

Tweet tip: until someone gets squeezed.

Just trading the news.

Meme moment: did you survive?

Jokes apart, Jack will likely dedicate more time to the newly announced DEX and Web3 now.
Two memes today to compensate for the delay.

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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 guidance in the report will lead to any particular outcome or result.