

Please try another search
On Wednesday, when the NASDAQ plunged 5%, Bitcoin (BTC) sold off, but found support at its May 14 low.
This is marked by the horizontal line on the 4-hour chart below:
Price action started improving Thursday, with much of the altcoin market finally starting to wake up a bit. Bitcoin moved back above the psychological support level of 30,000 Thursday, then spent the overnight session consolidating in a tight range above that level.
When BTC was consolidating overnight, we started noticing emerging relative strength in the altcoin market, with a handful of tokens rallying higher while BTC moved sideways.
Overall, we see that BTC has been in a sideways consolidation pattern for the past 6 days.
Now that the price of BTC is showing a volatility contraction near the highs of its range, a breakout above the week-long consolidation may be coming soon.
This may be further aided by the short-term bullish reversal that may be developing in the stock market as well.
We mention this because it may be an overall bullish signal for crypto as well—at least in the short term.
After closing out a string of winning crypto swing trades recently, our portfolio has been mostly to fully in cash because the market has lacked bullish confirmation and relative strength in the altcoin market.
However, that situation appears to be significantly improving as we entered on Friday. As such, we were looking for new trade setups with relative strength and high volume.
Of course, we still needed to make sure we had low-risk entry points, such as pullbacks to intraday support.
Despite the steep market downtrend, MicroStrategy has added another 480 Bitcoin to its holdings.Key Takeaways MicroStrategy has disclosed that it purchased an additional 480...
As the market capitulation intensifies, Coinbase (NASDAQ:COIN) stock suffers blows caused by its dwindling revenue. Goldman Sachs has demoted the ranking of US-based crypto...
Now that there is abundant pessimism on the cryptos, the falling wedge formation on the daily Bitcoin chart maybe signaling a countermove to come. The overall trend is...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.