Daily Report – Bitcoin and Market Update (April 21 2021) – The Birb Nest
HTF 12H:
Middaily chart is showing local consolidation after recent heavy breakdown. It is a natural reaction due to market PTSD mode where traders need time to understand they’d been liquidated and need to adapt to a brand new situation with shock and disbelief. On top of that, it usually brings even more uncertainty and lack of momentum/direction for BTCUSD. It will take time for BTC to shake it off and behave “technical” again. For that reason I definitely do not recommend to anybody that they over trade this choppy PTSD zone on btc or alts – remember about the super position effect I talked so much about on all my recent webinars and sessions. Price action wise, the key level is pre-breakdown support which turned into a resistance at 59.7k and anything that trades below is more bearish than bullish in the local context. Medium term context remains the same- low momentum sideways trend full of fakeouts and non-directional swings. BPRO suggests mean reversion is bound to happen at one point anytime soon with current baseline resistance level at 60.2k. Currently its tapping into volatility-based demand area between short- and long-range bands over BWAP support 51.5k, which in case of local intraday breakdown would work as a temporary support. Breaker Low support at 52443 is essential to be held on weekly timeframe. Bulls are back in charge only after successful reclaim of Breaker High at 61013 and until that happens BTCUSD would show only neutral and bearish oscillations. Long-term trend is up so R1-R3 levels are still valid as following targets: 72976, 80817.
NUPL ratio is still in local sideways similar to H2 2017. It’s worth studying through that period of price action of the past for BTCUSD as it shows quite similar cycle stages during this bull market. History is the best teacher. I’m cashing out some more BTC side holdings to buy more gold and silver. Not touching long-term holdings until NUPL crosses over 0.75 ratio. Also, congress registration is on. Sign up with the link below to book your seat.
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