With Bitcoin sitting at $7660, we are well and truly into the next market cycle for Bitcoin.It has been an enthusiastic month for the price of cryptocurrency. In this article I will break down some of the key indicators we have seen at Caleb and Brown.
Bitcoin's Price has moved into a strong rally, primarily driven by short liquidations.
I between $7200 and $8300, these are the key levels to watch before we have solid indication of the next trend.
Key points indicating the movement of 10,000+ BTC Shorts
Reviewing the price movements this month,��we saw a solid��uptrend emerging from $5300, increasing steadily to $6000.
This was further fuelled��by a large number of open shorts putting pressure on the buy side, this opened up the market from $6000 to $7200��USD��on the 10th of May. From $7200 we saw a dramatic increase to over $8300 USD primarily��driven by short covering.A small correction on the 16th of May saw a massive sell-off of shorts. This indicated that one trader had an open 10,000+ BTC short position which was fuelling��the rally prior.��This one trader accounted for approximately 37% of the shorts on Bitfinex which appears to have been accumulated since April.��We've analysed his��losses to be in the range��of $23M USD for betting against Bitcoin. From this major position close, long volume has since moved greater than shorts.Following this on May 17th, we saw a rapid sell-off that triggered the price to fall to $6600 before quickly recovering to the $7200 range.This past week shows that the near term support is at $7200, and short term resistance lies at $8300 which we�۪ve tested twice. With volatility so high, it�۪s likely we won�۪t stay within this support and resistance for long.
Jackson has over five years experience in��Cryptocurrency Trading and founded one of the first��managed Cryptocurrency Investment Trusts in Australia, Bit By Bit Capital. Jackson currently acts as COO for��Caleb and Brown, CIO for Bit By Bit Capital and has��featured frequently on Sky News, The Herald Sun, The Australian��and other major News outlets as a leading expert on��cryptocurrency analysis.
Whether you are new to the market, or a seasoned trader, Caleb & Brown can help to realise your goals. Call us on +61��1800 849 149�� or Contact Us to discuss further.
The information herein is not intended as legal, financial or investment advice and should not be construed or relied on as such. No material contained herein should be construed or relied upon as providing recommendations in relation to any legal or financial product. This email contains confidential information intended only for the person named above and may be subject to legal privilege. If you are not the intended recipient, any disclosure, copying or use of this information is prohibited and you must destroy the original transmission and its contents. Caleb and Brown provides no guarantee that this communication is free of virus or that it has not been intercepted or interfered with. If you have received this email in error or have any other concerns regarding its transmission, please notify firstname.lastname@example.org. Any views expressed within this communication are those of the individual sender. This communication should not be copied or disseminated without permission.s The information you provide will not be given to any third parties. If you need to request changes to any information you have provided, please contact us. The information will not be given to third parties unless we are compelled by law. Any personal information in this document must be handled in accordance with the Privacy Act 1988 (Cth).
Access our exclusive newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.