BTC/CRYPTOCURRENCY Trading Analysis Update: 03.04.2023

Market Overview and Dollar Rejection

In this section, the speaker discusses the current state of the market and how it relates to the dollar's rejection off the 50-week moving average.

Bitcoin and Ethereum Holding Steady

• Bitcoin is holding at 28,000 while Ethereum is at 1,800.

Retail Traders Majority Short

• Retail traders are still majority short on both Bitcoin and Viber.

• Binance's top traders have more long positions than shorts, potentially indicating a bullish sentiment.

Dollar Rejection Significance

• The dollar has been rejected off the 50-week moving average in the past, leading to a significant drop in value.

• This rejection also coincided with a rally in Bitcoin from $15k to $40k.

Current Dollar Rejection and Market Response

• The dollar is currently being rejected off the 50-week moving average again.

• Bitcoin has seen another leg up as a result of this rejection, going from $22.5k to $28k.

• The S&P 500 has also seen an increase in response to the weakening dollar.

Bitcoin Analysis

In this section, the speaker provides an analysis of Bitcoin's current situation and potential future movements.

Bitcoin Environment

• The speaker believes that the environment is right for Bitcoin to continue rising.

• Factors contributing to this include China and Brazil stopping the use of the US dollar for foreign trade, which weakens the dollar's position, as well as new inflation and money printing by the FED.

• The speaker notes that their position on Bitcoin has not changed since entering a range two weeks ago. They believe that while it does not guarantee a rise in price, it is still a positive sign.

Synvis Video Game

• The speaker briefly mentions Synvis, a blockchain-based video game where players can buy and sell virtual assets using tokens. They note that there is an upcoming land sale on April 21st.

Support Levels and Short Squeeze Potential

• The speaker identifies support levels at 27.8 and 26.7 for Bitcoin.

• They also mention the potential for a short squeeze due to majority shorts in the market.

• A flash crash below support levels followed by a rise could lead to significant price action up into the 30k range.

Bitcoin Support Levels

In this section, the speaker discusses the support levels for Bitcoin and how it could potentially fall to 25 or even 23.8. He also compares the current price action to a previous one where Bitcoin fell to a support line but then deviated below it.

Bitcoin Support Levels

• The main area of support is at 25.

• The final level for a quick move up would be at 23.8.

• Bitcoin could potentially fall down to these levels based on its previous price action.

• This kind of price action is hard for people to accept, but it's what Bitcoin has already done in the past.

Long vs Short Ratios

In this section, the speaker talks about the long and short ratios and how they show that people are putting their money in the direction of the market dropping down on average.

Long vs Short Ratios

• People are putting their money in the direction of the market dropping down on average.

• The data is difficult to interpret right now because there's a split between bullish and bearish sentiment.

• The perfect environment for Bitcoin to rise up is when people get too swept away with bullish energy.

Being Bullish on Bitcoin

In this section, the speaker talks about being bullish on Bitcoin and how it's already too late to take longer positions. He also discusses entry levels and why entering a long position at this point is dangerous.

Being Bullish on Bitcoin

• It's already too late to take longer positions.

• Entering a long position at this point is dangerous.

• The speaker entered his long position at 21.5, which was a good entry level relative to where Bitcoin is now.

• You don't want to be caught entering trades in this range.

Longs Entering the Market

In this section, the speaker talks about how if the market manages to get up into the 30k range, there will be a lot of longs entering.

Longs Entering the Market

• If the market gets up into the 30k range, there will be a lot of longs entering.

• The speaker has been trading for five years as a derivatives trader and six years as a crypto trader.

Trading Strategies and Market Analysis

In this section, the speaker discusses his trading strategies and market analysis. He talks about buying gold and bitcoin, as well as using Prime xbt for leverage trading.

Trading Strategies

• The speaker trades long if the market is going up and short if it's going down.

• Buy Bit offers up to $30,000 to trade these markets for free when you sign up using the speaker's link in the description below.

• The speaker plans to buy gold on Prime xbt with leverage when the perfect opportunity arises.

Market Analysis

• The speaker is still okay with what he's seeing in the market. If they continue to drop down, there is phenomenal support.

• S&P 500 is in a very strong position with comparatively weaker dollar position. More rises are expected for S&P 500.

• The speaker is bullish on gold and has been for a long time. Gold is setting lows that are progressively getting higher. As long as they hold this market structure, it looks really good to him.

Prime xbt

• Prime xbt will be giving you up to $7,000 in trading bonuses depending on what you deposit when you use the speaker's link down below.

Bitcoin and Gold Moving Similarly

In this section, the speaker talks about how gold and bitcoin are moving similarly, making it easier for him to analyze. He also discusses his preparedness for a potential drop in the market.

Bitcoin and Gold Moving Similarly

• Gold and Bitcoin are moving quite similarly right now.

• Speaker is happy with the way things are but is prepared for a potential drop in the market.

• Back tests of support levels would be healthy if there is a drop in the market.

• The more we drop down, the more likely we are to continue rising up because it means the market is moving in healthy ways.

Long Position Update

In this section, the speaker gives an update on his long position and provides information on where to find further updates.

Long Position Update

• Speaker is still in the same long position he has been talking about for a long time.

• Updates on his position can be found inside of VIP or gold telegram channels.

Synvis Project

In this section, the speaker briefly mentions Synvis project and its potential success.

Synvis Project

• Projects like Synvis don't even need to be good; they just need to exist and have the right keywords in their white paper to do well.

• It might be worth checking out if that's something that's up your alley.