Here are some brief thoughts about the current market conditions and what I’m seeing in the market.
-Joseph Young
Generally, Bitcoin is currently consolidating/pulling back, not showing much volatility after last night’s big price movement.
$22.3k is a short-term support level on lower time frames, but not too strong for now.
Below $22.3k and Bitcoin starts to become cautious in the very short term.
Exchange heatmaps (Binance and Bitfinex) show $23,500 as the major short-term resistance.
Surpassing $23,500 should give BTC some more room for a rally.
Bitfinex whales appear to be bidding sells at around $23,800, which is where Bitcoin rejected yesterday.
Source: Tensor Charts
Bitcoin is in a difficult range to trade in my opinion because of the U.S. Treasury uncertainty.
Reports claim Steven Mnuchin, the United States Secretary of the Treasury, could introduce a rule regarding non-custodial or self-custodied wallets.
I personally have three swing positions open; one large-cap altcoin, a DeFi token in SushiSwap (SUSHI), and Bitcoin.
XRP saw a capitulation-esqe drop against Bitcoin. So when Bitcoin started recovering, the room for downside was small, and it made sense.
As for Bitcoin, I think it is at a weird place because of the $23,500~$23,800 resistance range.
Dips are compelling but trading here is a bit risky in my opinion. If I had no position open, I’d most likely wait for a bigger dip or a breakout above $23.5k. The $22.3k level is a short-term support level though.
I also have a SUSHI long. The XRP long was purely technical. I think SushiSwap has great fundamentals.
Chads at Coinbase have been aggressively listing DeFi tokens as of late. SushiSwap is a decentralized exchange and an Automated Market Maker (AMM), like Uniswap. The trading volume on SushiSwap surpassed $100 million today. It is far from Uniswap, but it is comfortably sitting in second place.
No one knows, but I feel like the logical DeFi listing on Coinbase would likely be SUSHI. Hence I’m holding the long longer than I like to. I might just leave stop at BE and let it run. It’s only a small position.
And of course, the SuhiSwap x Yearn.finance collaboration is a big positive factor for SushiSwap. Being in the Yearn.finance ecosystem is a big plus for the long-term sustainability of SushiSwap.
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Ahh yes the Bitfinex whale situation. Thank you for sharing your trades.
Hi Joseph, would you mind sharing what trading platform showing on the screen shot pictures? I’ve been in crypto for a couple of months and still trying to know the difference between the each platforms.