Bitcoin Market Update

Jun 6, 2024

Review flashcards

Bitcoin Market Update Lecture Notes

Key Topics Covered

  1. Current Bitcoin Trends
  2. Inverse Head and Shoulders Pattern
  3. Resistance and Support Levels
  4. Future Predictions and Price Targets
  5. Market Dynamics and Spot ETFs
  6. Funding Rates and Liquidation Levels
  7. Trading Insights and Recommendations

Current Bitcoin Trends

  • Bitcoin is breaking out and retesting a significant level.
  • Created a massive upward trend line.
  • Previous rejections at first two retests, flipped to support after breaking above.
  • Significant bounces from retesting the one-hour trend toward the upside.

Inverse Head and Shoulders Pattern

  • Predicted breakout following downtrend.
  • Resistance anticipated around specific red line.
  • Current consolidation below resistance level.
  • Importance of breaking above this resistance for market reversal.

Resistance and Support Levels

  • Holding above $70,000 longer than previous periods.
  • Confirming breakout of inverse Head and Shoulders pattern implies target of ~$91,000.
  • Potential 28% move to the upside.
  • Breaking horizontal resistance and downtrend on 12-hour/daily timeframe critical.
  • Breakout confirmed above $71.1k, likely accelerating upward movement.

Future Predictions and Price Targets

  • Market likely to see significant upward moves.
  • Breakout targets potentially around $100k and $140k.
  • Exponential moves expected post $72,000 breakout.

Market Dynamics and Spot ETFs

  • Significant Bitcoin spot ETF purchases: $488m one day, $886m the day before.
  • Current ETF holdings 5% of total Bitcoin supply.
  • BlackRock approaching 300,000 Bitcoins under management.
  • Potential long-term market impact significant.

Funding Rates and Liquidation Levels

  • Increasing funding rates, near 0.3%.
  • High liquidation levels above – more than $9 billion in Bitcoin shorts if price hits $74k.
  • Author’s current Bitcoin trade: ~$190k in profit, aiming for $73.8k to close at ~$240k.

Trading Insights and Recommendations

  • Encouraging to take some profits when the risk increases.
  • Opportunity to claim free $200 trade through specific promotions.
  • Overview of author’s trades and success.
  • Importance of breaking above major resistance levels.
  • Anticipation of significant upward movements in the near future.
  • Follow author on Twitter for real-time updates.

Conclusion

  • Recap of Bitcoin’s potential explosive moves upward.
  • Confirmation level to watch: $72,000.
  • End of lecture with encouragement to stay informed and follow for updates.