Some interesting news developments have transpired related to Bitcoin this week.
On Monday, The SEC sued Binance with 13 charges. On Tuesday, The SEC sued Coinbase NASDAQ:COIN . The regulators have been busy this week going after the biggest crypto exchanges. It's almost as if we need a monetary system outside of government interference...
What does this mean for traders and investors right now? In the context of 2023’s price action the fallout from these announcements is insignificant and completely in line with technical analysis.
I have been watching for this pullback in theory since the last buying opportunity in March to see where and when the rally off the Banking Crisis FUD did its first major Retracement. The financial media focused on Bitcoin attributed the rise from early March to people putting faith in Bitcoin above the US Dollar system. The salient point that they all miss was that in the event of a market risk shock Bitcoin fell as a risk asset.
I’ve had the level 25280 marked since the high at the top of the FOMO hype rally following Balaji Srinivasan’s Twitter “bet” that Bitcoin was going to $1,000,000 in 3 months. It would have been more profitable for people if he had made this buy call in March (as I did with less narrative flare) but it really came in the moment of the 5th Eliot wave when the latecomers are looking for a reason to chase and make such fluff go viral.
Srinivasan still has 24 days to be correct… who knows?
This week’s news dip missed my marked level (and alert) by $51. It could still hit but because it was so close I am making this update post. I must stress how key this Support level is to the 2023 trend. Just as a breakout from the Ichimoku cloud followed by momentum confirmation signaled the year’s bull run… the opposite signal should be taken as its end. At this point in time and price should that level 25280 be breached by closing a few days below the 2023 trend would be over. However, as the reaction is currently bullish, the price is still likely to climb to retest the 30k range.
Trade wisely.
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The condition has been met for price to breakout bearish.
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