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Crypto Industry News:
Michael Burry, known as "The Big Short", rarely gives interviews and does not comment on current events. This time it was different. Burry stated that he believes it is time for gold to go higher due to the risk of cryptocurrency contagion following the collapse of FTX.
Burry, who runs the hedge fund Scion Asset Management, is known for finding the mortgage crisis early and making his fortune in the US housing bubble. In 2019, an investor also made millions buying GameStop shares, which happened long before Reddit acquired the shares.
Burry rarely comments on gold events, which makes his current opinion much more unique to traders. According to him, the crypto chaos caused by the FTX saga sets the stage for gold nicely.
Technical Market Outlook:
The volatility dried up after Bitcoin bounced from the swing lows located at the level of $15,555 and tested the technical support seen at $17,600. Moreover, the bulls retraced 38% of the whole sell-off and hit the level of $18,135 before the pull-back towards the sell-off lows was made. The market conditions on the H4 time frame chart are still oversold, however, no significant breakout has been made yet as the market keeps trading up and down in a whipsaw mode. The nearest technical resistance zone is seen at $17,600, $18,150 and $18,220. There is no indication of the down trend to terminate or reverse just yet as the market keeps trading in a relatively narrow range. The market participants await for the breakout.
Weekly Pivot Points:
WR3 - $18,079
WR2 - $17,175
WR1 - $16,785
Weekly Pivot - $16,272
WS1 - $15,888
WS2 - $15,369
WS3 - $14,456
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
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