On a technical level, the Bitcoin market has been building a range for more than three weeks now and the next trend will depend on the release of congestion.

Dogecoin, XRP, Gamestop stock, silver, here is a non-exhaustive list of financial assets that have soared and experienced very high volatility achieved under the effect of private traders gathered and allied via groups within social networks varied.

WallStreetbets groups in particular have been on the rise for a week after losing more than $ 5 billion to the bottom Melvin Capital. And in recent days, they have had a new focus, the price of silver.

Pump & Dump groups are on the rise

Although this precious metal has a bullish technical configuration since the overflow of technical resistance at $ 20, it is the “social” offensive that explains Monday's surge, in decorrelation with the price of gold (this which is very rare).

Indeed, beyond the role of social media traders, real interest rates close to zero remain the factor supporting the rise in the price of precious metals in the commodities market.

In the crypto market, XRP and Dogecoin have been on the rise thanks to social trading, but the movement can very quickly fall back, so beware of the technical pitfalls associated with the effects of particular trading groups.

Bitcoin – AT: a triangle chartist congestion

On a technical level, the Bitcoin market has been building a range for more than three weeks now and the next trend will depend on the release of congestion.

Graph bitcoin euro in Japanese daily candles

Is it David's revenge against Goliath to see individuals dominate institutional traders? While the GameStop soap opera demonstrated that particular groups of traders on social media can overthrow hedge funds, Remember that the cryptocurrency market is used to these buying and selling pressure groups (Pump and Dump groups); not to mention influential stars on social networks like Elon Musk who raised BTC by 10% last Friday.

However, this increase did not allow us to leave the chartist congestion figure which took the form of a triangle above € 25,000 on btc eur. Academically, this is a bullish continuation pattern. But from experience, it is necessary to wait for the exit of the pattern at the daily close to give the signal, which could ultimately be bullish or bearish at the exit of the range.

Follow Vincent Ganne on Trading View for more financial market analysis. The technical thresholds and trend shown above are based on the "price, momentum, sentiment, ichimoku" technical approach. The data comes from Bitstamp and the graphics of TradingView.

This content is provided for informational purposes only and does not constitute an investment recommendation. We remind you that theinvesting in crypto-assets, including Bitcoin, is extremely risky. Cryptocurrency prices are subject to large and unpredictable price fluctuations.

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