Anthony Speciale Stock Market Analyst

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What’s Happening to BTC?

At $60,000, many buyers were convinced BTC would run to $100,000. But nothing leads me to believe that’s going to happen any time soon.

What was a hot topic for quite some time seems to have cooled off a bit.

But that doesn’t mean that the opportunity has disappeared, at least not for active traders!

Reported by CNBC, 40% of digital currency holders are “underwater” on their positions.

So many folks jumped on the bandwagon along the way.

But it was those who first invested in the “idea” that are well positioned at this point in time.

Too High to Buy

At $60,000, many buyers were convinced BTC would run to $100,000.

Sure, it might… Someday. But nothing leads me to believe that’s going to happen any time soon.

In fact, the past two setups I identified on BTC were shorting opportunities… not buying opportunities.

I’m not much of a long-term holder of digital assets. Had I bought into the “idea” many moons ago, perhaps I’d feel differently.

But at this price, it’s just too high to build a position.

The Technical Picture

Let’s take a look at the chart and discuss the shorting opportunity currently underway…

Weekly Chart of BTCUSD — Source: TradingView

Based on the price action on Friday, April 29, BTC confirmed the opportunity to short towards what’s known as a “full channel extension.”

Those of you familiar with my trading style know that my greatest preference is a “weekly settlement.”

In other words, where the market settles at the end of a calendar week.

BTC does trade over the weekend, but I still calculate based on Friday price action.

We were offered a 1%+ break below the primary channel, which was support and has now become resistance.

We now seek the opportunity to trade towards 1%+ of our ascending support target.

I’ve indicated the area to sell from at $35,850, with a stop loss at $40,850 and target at $26,425.

This trade is starting to transpire as I write this article. But be sure to keep an eye on it.

For shorter-term traders, that ascending support will be key to watch in the coming days and weeks.

Get Involved

Every week, my good friend and professional trader Josh Martinez analyzes the ETH and BTC markets as well as the major stock markets inside of his entry level futures trading service, Futures War Room.

Josh is one of the greatest futures traders I know. We often bounce ideas off of each other as we analyze the market.

He describes his futures trading strategy as possibly “the world’s most profitable side job”…

This strategy helped Josh turn an initial deposit investment of $500 into $39,282 in less than two years.

All you have to do is access a little-known portal in your brokerage account and start copying Josh’s strategy — step by step, and trade by trade.

It really is that simple.

If you’re interested in learning more and how you can take on the digital currency revolution, consider checking out his latest presentation right here!

Rules to Live By

“Why didn’t I learn to treat everything like it was the last time. My greatest regret was how much I believed in the future.” Jonathan Safran Foer

Until next time, I wish you a beautiful and blessed day!

Yours In Trading Success,

Anthony Speciale Jr.

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Reader interactions

3 Replies to “What’s Happening to BTC?”

  1. Can you say which crypto currency or
    Bitcoin will blow up ok?

    Reply

    1. Hi Paul, thank you for leaving us a message! Regarding crypto’s as far as my technical approach serves me, the asset class as a whole appears to remain under pressure. I’ll be sure to share my next idea with all of you just as soon as my next technical setup on crypto is offered. Have a great day!

      Reply

  2. Walter F Sandza May 16, 2022 at 8:29 pm

    Hi Paul. Aside from risk-off market mentality, how do you explain that BTC isn’t rising with both inflation and stock market drops? Why is it so coupled to the stock market? It was supposed to be the opposite!

    Reply

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