Hi,
I am trying to update daily commentary for crypto market in terms of technical analysis (trend lines, MA, Fib, volume profiles, etc). I have traded FICC products such as bonds and various FX in a couple of international investment banks, and been trying to trade crypto for my personal interest and benefit. I will use the Bitmex chart mainly with Futures price in comparison to spot prices in Binance.
BTCUSD market has successfully bottomed out if you look at 1w chart. If you are in denial of this break out, it will be painful until you see $6500 again where the price dropped from Nov 2018 with big volume profiles. However, Bitmex BTCUSD Futures prices are still at premium over other spot markets, suggesting the speculation has been accumulated after the break-out from $4000. I would be careful to catch the falling knife at today's level yet.
BTCUSD 1d market is in a sharp correction now after hitting $5450. Fib suggests first support line at $4892, second at $4551, third at $4276, then meets the trend line support at $4220. I suggest to build long position at each support lines with more weights at later supports. Margins are not recommended until the third support.
Good Luck,
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Good support at $4900, but still be careful until we get the clear signal of further break-out. Expecting it to consolidate around 5k for a while, and stay with light long position.
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