Sirwin
Sirwin

Bittrex files for Insolvency and Bitcoin trembles on the support


What Market Phase are we entering into has been the introductory question for our last appointments. Are we going to listen to the Bulls or the Bears? Are we going to see a Bull Market or a Bear Market?

Welcome to Surfing the Market, we are already at our 53nd appointment and I hope that with these easy tech analysis we have helped you in some forms, even just to evaluate different market perspectives.

Let’s start from our usual weekly perspective


Source: Tradingview - Weekly chart

Bitcoin lost again the 30.000$ level, probably due to uncertainty connected to the interest rates and the FOMC news from the last days.

A recent news is that Bittrex, one of the most historical exchange, is filing for bankruptcy. Bittrex had quite a history but in the last years the volumes dramatically dropped potentially bringing it to a higher insolvency risk.

What do I expect from a daily perspective?


Source: Tradingview - Daily Chart

Red line has been momentarily broken but the interesting thing from the price action is that minimums are slightly growing even in this latest weeks.


Source: Tradingview - Strength Dollar Index

DXY is still in a relevant point: the support level at 100 points has not been broken yet, while there are no signals of reaction as well.

The price is now below the 50MA that is now in the same area of the red line, representing then a potential strong point where the price will likely find difficulties to break-up/down and that acts as a magnet for it, as it has shown to be an area of deep interest.


Source: Tradingview - Daily Chart

Ichimoku Clouds are consistently green and wide, but the price is now inside them, making it statistically very unpredictable. The key factor here is that we are close to the support line meaning that we may more likely see a move upwards but it’s early to open positions, as breaking the support downwards would mean a potential big descent towards 25000$. So I would evaluate a long but with a precise Stop Loss below the minimum reached so far (26.200$ area).


Source: Tradingview - Daily Chart

And now, what from a Volume perspective?


Source: Tradingview - Daily Chart

Volumes are still in a “quiet area” and even if they did not dramatically decreased, they are lower than the previous weeks. Still, they are not so low to justify manipulation.

What to observe particularly?

I expected some bullish movement, but the drop came. Here I again expect a bullish movement, potentially with a target at the red line where I expect some uncertainty.
Stay tuned and be sure to follow to get noticed when my contents come out.

Promotional suggestion

One more thing: if you really do not care of technical analysis or you do not like spending time onto the markets, make sure to give a look to the Zignaly platform, an Official Binance Broker Partner with huge volumes under management. They offer great services of Profit Sharing Trading, where you copy other Professional traders, sharing the profit with them! Make sure to give a look!
If you are interested in getting noticed in advanced on the release of our partner’s indicators, leave a comment here so we understand if there is some interest!

None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.

How do you rate this article?

66


MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Trading with Mike Zillo
Trading with Mike Zillo

In this Blog I am going to share view, insights and past positions to create an educational section about trading that will be particularly useful for starters and a great conversation place for more expert traders. Hope you will enjoy it

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.