BTC/CRYPTOCURRENCY Trading Analysis Update: 15.05.2023

Bitcoin Analysis: Potential Resistance Ahead

In this video, the speaker discusses their concerns about where Bitcoin is headed due to encountering three different forms of resistance. They also cover recent developments on the chart that could take Bitcoin up towards 40K.

Recent Developments on the Chart

• Bitcoin has been doing well and has managed to overcome resistance levels.

• Bitcoin has flipped its resistance levels, which is great for short-term time frames.

• On the one-hour time frame, we are moving back down but have cleared the ichimoku cloud and turned it into a support cloud.

• On the four-hour time frame, we are clearing our EMA resistance.

Potential Resistance Ahead

• On the four-hour time frame, other forms of resistance are approaching at around 28K.

• The ichimoku cloud represents a significant form of resistance on the four-hour time frame.

• Volume has been dropping off as Bitcoin moves up in a straight line, indicating potential loss of steam and lower prices ahead.

Short Trade Opportunities

• Short traders may be excited by these developments.

• Bingx offers access to traditional finance markets with bonuses for deposits.

Benefits of Using Exchanges

In this section, the speaker talks about the benefits of using exchanges and how they offer rewards to users.

Rewards for Using Exchanges

• Exchanges offer rewards to users.

• The speaker only recommends exchanges that pay good cash to use them.

• Bybit is a recommended exchange that offers over $5,000 in bonuses and up to $30,000 in trading money for new users.

• Bybit does not require KYC, making it more privacy-minded.

Resistance Levels for Bitcoin

In this section, the speaker discusses resistance levels for Bitcoin and how different indicators are showing confluence at 28k.

VPVR and Ichimoku Cloud Indicators

• The VPVR indicator shows a spike at 28k.

• This level lines up with the top of the Ichimoku cloud indicator.

• The bottom line and top line of each Ichimoku cloud are important levels.

• There is a lot of confluence at 28k with multiple indicators showing resistance.

Lack of Pullback in Market

In this section, the speaker talks about how Bitcoin has not seen a pullback yet despite coming off a low.

Lack of Pullback in Market

• Bitcoin has come fresh off a low after 56 days.

• Despite consolidating briefly, there has been no significant pullback in the market yet.

Long and Short Ratio

In this section, the speaker discusses long and short ratios on exchanges.

Long and Short Ratio on Exchanges

• Retail traders generally lose money when heavily piled on in one direction.

• The long and short ratio has dropped down a little bit.

• Top traders have increased their positions while retail traders have pulled back.

• Bybit is now majority long, but still 50/50.

Bitcoin's Tricky Position

In this section, the speaker discusses the long and short ratio of retail traders and how it affects Bitcoin's position. He also talks about the resistance level and support line that Bitcoin is currently facing.

Long and Short Ratio

• The speaker mentions that when the long and short ratio is extreme for retail traders, it often happens that the market goes in the opposite direction.

• He notes that this is compelling data and not something to be brushed off easily.

• The speaker warns that if there is too much money on one particular side, it becomes profitable to swing the market back in the other direction.

• He suggests that a pullback may be necessary to prevent things from getting out of hand.

Resistance Level and Support Line

• The speaker explains that Bitcoin should be able to rise to the top of its range if it clears its area of resistance.

• He notes that there is a lot of volatility for Bitcoin, especially if it keeps rising towards the top.

• The speaker suggests that if Bitcoin gets back up to its top after a deviation, it is more likely to break through most of the time.

• He warns that there is a lot stacked up against Bitcoin right now, including resistance from both a support line tested since March and an Ichimoku cloud.

Bitcoin Technical Analysis: Potential Resistance and Support Levels

In this section, the speaker discusses potential resistance and support levels for Bitcoin based on technical analysis.

Resistance Turning into Support

• The one day ichimoku Cloud is providing support for Bitcoin.

• Despite losing the daily EMA ribbon, the current situation is similar to what happened before a big move up in the past.

• If Bitcoin manages to reproduce this move, it could potentially reach $40,000 from its current price.

Compelling Setup for Bitcoin

• There is a lot of resistance at the 28k level but if Bitcoin manages to break it, there will be no more hard resistance until deeper into the 30s.

• Traditional finance indicators such as S&P 500 and gold are holding strong in their respective places.

• The dollar breaking out upwards caused problems for Bitcoin's price but now that it's pulling back, Bitcoin is moving up again.

Potential Risk Factors

• The green box represents a range of resistance that the dollar was finding for a month or two.

• If the dollar captures support here, it could rally up towards its next area of resistance at about 104 which would take Bitcoin down quite a bit.

• However, if the dollar continues to pull back and gets right back down to the bottom of its range, then Bitcoin could continue rising.

Bitcoin Resistance and Support Levels

In this section, the speaker discusses the current state of Bitcoin's resistance and support levels.

Bitcoin's Resistance Level

• The speaker notes that Bitcoin is approaching an area of resistance with little strength.

• If Bitcoin gets rejected at 28 and bounces off this level, it would be easier to break resistance levels.

Bitcoin's Support Level

• One positive aspect of Bitcoin is that it has quite a bit of space between its current price and the area of support.

• When coming down to areas of support and then bouncing up, it makes it easier to break resistance levels.

Other Factors Affecting Trading

• The long and short ratio is a concern for the speaker.

• Altcoins are also looking hot as usual.

Trading Platforms

In this section, the speaker discusses trading platforms for those interested in trading these markets.

Trading Platforms Available

• The top two links will not require KYC or pictures of yourself or your ID.

• Bingx allows you to trade traditional finance such as gold and stocks. Buy Bit offers up to thirty thousand dollars in free trading money with zero percent spot trading fees.

Overall, the speaker provides insights into Bitcoin's resistance and support levels while also discussing various trading platforms available for those interested in trading these markets.