UnknownUnicorn22694773

UnknownUnicorn22694773

Bitcoin lost some key ground in today's trading session, with the bears managing a sell down past the 0.5 macro-Fibonacci retracement level at USD 34K.  It is quite an uphill task trying to determine sentiment in the market right now. On one side, you have bullish developments convoluted with coordinated FUD. On the other, a myriad of technical confluence -...

UnknownUnicorn22694773

Bitcoin nears its twentieth day of consolidating inside a triangle-like pennant, ranging around the mid-30K USD zone. There have been many fake-out (false breakout) attempts throughout this consolidation. Before we go any further, here's a simplified walkthrough of how fake-outs occur: Lure in and trap liquidity on either end (i.e. long, short) When volatility...

UnknownUnicorn22694773

Bitcoin is coiling under considerable pressure with multiple ‘fakeouts’ (False Breakouts) above and below pennant support and resistance, sucking in liquidity to then later trap one-sided participants. Twice now, as BTC/USD was gearing for a break to the upside, FUD (Fear, Uncertainty, and Doubt) has leaked. Timing is hardly a coincidence to a technical trader...

UnknownUnicorn22694773

BTC/USD, ETH/USD: Technical Outlook, Edition #12 (05/06/21) As far as false breakouts appear during a Bitcoin consolidation, that was not too choppy or bloody. Elon's word seems to be having less of a dent on price action in this market, possibly? Now, if he can focus on building a rocket and take himself to Mars and resist not tweeting about Bitcoin over the...

UnknownUnicorn22694773

A nasty fake-out (false breakout) cut Bitcoin's anticipated organic breakout short today, leaving the bulls frustrated for several reasons - namely, one culprit, Elon Musk. Is he friend or foe? The billionaire cannot help himself, literally. His antics have shaken the cryptocurrency market a few times now, using Twitter as an Excalibur to keep investor...