Facts:
- On the weekly timeframe, Bitcoin closed below a key zone, confirming low demand and liquidity in the cryptocurrency market
- Actions taken by the Trump administration in the area of the cryptocurrency market turned out to be insufficient to attract new capital
- The lack of exciting announcements during Friday’s cryptocurrency conference at the White House contributed to the weekend sell-off.
Recommendation:
Short position at market price
- TP: 75000
- SL: 90000
Opinion:
Sentiment in the cryptocurrency market remains negative, supporting further sell-off in Bitcoin. The sell-off also appears to be sustained by the disappointing progress of the Trump administration toward making the US the “world capital of cryptocurrencies.” Friday’s conference at the White House did not bring any new, exciting announcements.
The weekend candle close confirmed low demand and liquidity in the market. Given the lack of potential catalysts in the coming weeks and the persistently weak sentiment in the stock market, we recommend taking a short position at the market price on Bitcoin. We advise setting a stop-loss order to minimize the risk of a possible loss.
Source: xStation 5
Methodology:
The recommendation was based on the fundamental analysis of Bitcoin, its correlation with other financial markets, and technical chart analysis. The target levels were determined using classic support and resistance levels as well as price action analysis. More about these methods can be found:
