Last Week Recap
After flirting at the $29,000 level, Bitcoin came back up to hover at the $34,000 to $34,500 level on Sunday. It could be due to a short-squeeze. Mid week comments from Elon Musk and Cathie Woods helped improve overall sentiments. But, are they enough to push the crypto market into bull territory? It is too early to tell.
For this coming week:
- Although Bitcoin and the general crypto market have rebounded from the $29,000 level, we anticipate a weakening in positive momentum. 4H candlestick still shows a downtrend. We stick to our $42,000 level which Bitcoin must break through in order to signify a convincing turnaround.
- This could be a technical rebound. We urge investors and traders to exercise caution.
- As mentioned in a Yahoo Finance article, some investors are buying $22K and $20K Bitcoin puts.
- Keep a lookout for: THETA, TFUEL, AXS
As usual, trade with care. Trade with what you can afford to lose.