After days of constant consolidation, Bitcoin finally manages to break free from the restrictions imposed upon it by certain support and resistance zones.
Let's take a closer look at the latest BTC/USD Daily chart below (click to expand):
I’ve performed the Fibonacci study from the low of the month at 343, until the high of the month at 545.
Remember during this week we have been discussing the ranging activity of Bitcoin (marked with a red ellipse), and how it's presented us with such choppy price action, such as dojis (candlesticks which open and close where they started), spinning tops (candles which have short body lengths yet possessing relatively long upper and lower wicks of equal length), all whilst meandering between two support and resistance lines, namely the 23.6% and 38.2% Fibonacci retracement levels at 497 and 467 respectively.
This has been happening all week, I felt this would be the case, when I mentioned at the start of the week, "There is a clear struggle between the bulls and the bears, each of them attempting to set the tone for this coming week.” Hence once again this morning, price rose and tested the 23.6% Fib at 497, before being rejected - this falling down with vigour; enough vigour to break below the 38.2% Fib, ultimately reaching the 50% at 444. Looks like the bears have won this week, although it's not much to write home about - it's hardly a crash. The question now is, will price manage to break 50% at 444?
Well, to answer that question we need to seek corroborating technicals. I feel there could well be a break below 444, for a few reasons, since we have the Stochastic Oscillator heading south from an overbought position. We also have the Accelerator turning red, along with the Awesome Oscillator. I really doubt 50% (444) can hold for much longer, and if we don't see a drop to the 61.8% Fib by the weekend (marked in blue), I'd be surprised.
After days of constant consolidation, Bitcoin finally manages to break free from the restrictions imposed upon it by certain support and resistance zones.
Let's take a closer look at the latest BTC/USD Daily chart below (click to expand):
I’ve performed the Fibonacci study from the low of the month at 343, until the high of the month at 545.
Remember during this week we have been discussing the ranging activity of Bitcoin (marked with a red ellipse), and how it's presented us with such choppy price action, such as dojis (candlesticks which open and close where they started), spinning tops (candles which have short body lengths yet possessing relatively long upper and lower wicks of equal length), all whilst meandering between two support and resistance lines, namely the 23.6% and 38.2% Fibonacci retracement levels at 497 and 467 respectively.
This has been happening all week, I felt this would be the case, when I mentioned at the start of the week, "There is a clear struggle between the bulls and the bears, each of them attempting to set the tone for this coming week.” Hence once again this morning, price rose and tested the 23.6% Fib at 497, before being rejected - this falling down with vigour; enough vigour to break below the 38.2% Fib, ultimately reaching the 50% at 444. Looks like the bears have won this week, although it's not much to write home about - it's hardly a crash. The question now is, will price manage to break 50% at 444?
Well, to answer that question we need to seek corroborating technicals. I feel there could well be a break below 444, for a few reasons, since we have the Stochastic Oscillator heading south from an overbought position. We also have the Accelerator turning red, along with the Awesome Oscillator. I really doubt 50% (444) can hold for much longer, and if we don't see a drop to the 61.8% Fib by the weekend (marked in blue), I'd be surprised.
SEC Targets Robinhood's Crypto Trading Arm with Potential Enforcement Action
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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