Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Market Minutes: Watching For Potential Bitcoin Breakout

By Deron WagnerCryptocurrencyMay 22, 2022 12:44AM ET
www.investing.com/analysis/market-minutes-watching-for-potential-bitcoin-breakout-200624663
Market Minutes: Watching For Potential Bitcoin Breakout
By Deron Wagner   |  May 22, 2022 12:44AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

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:

BTC 4-Hour Chart
BTC 4-Hour Chart

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.

Original Post

Market Minutes: Watching For Potential Bitcoin Breakout
 

Related Articles

Market Minutes: Watching For Potential Bitcoin Breakout

Add a Comment

Comment Guidelines

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.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
jason xx
jason xx May 22, 2022 6:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I guarantee that portfolio you claim is 100% cash is not your only portfolio and you do at least one long portfolio?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

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.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email