To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
Not much to report over the last 24 hours—Bitcoin appears to be building a solid base while ranging between $85.4K and $88.4K. It's a tight band, but not dissimilar to the range we saw earlier this month. Back then, it took Bitcoin 10 days of consolidation before a breakout, with brief excursions both above and below the range trapping bulls and bears alike before ultimately resolving higher.
We could be seeing something similar now: a floor and ceiling forming to define this period of consolidation. Expect more fakeouts in both directions as price action tests participants before a sustained breakout takes hold.
Elsewhere in markets:
- GameStop (GME) dropped 25% after issuing debt to buy Bitcoin—so far, not quite a MicroStrategy repeat.
- Silver just printed a new all-time high against the AUD.
- Ferrari announced a 10% price increase due to Trump’s auto tariffs—so it looks like the “wen Lambo and Ferrari” crowd might have to grind a little harder.
- Anthony Albanese has announced the Australian election for May 3, a move that could stall or reshape pending crypto regulation depending on the outcome and party priorities.
Stormrake Spotlight: Ripple (XRP) ($2.32)
Stormrake Spotlight: Ripple (XRP) ($2.32)
XRP saw a mildly bearish day yesterday, down just 0.36%. It remains beneath both the 21 and 55 EMAs and continues to trade in the lower half of its current range. The broader structure remains bullish and isn’t under threat as long as it holds above $2.22. CPR support at these levels should offer a cushion for bulls.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
After nullifying the potential bearish double top, Bitcoin is now in the process of forming a bull flag pattern—an extremely bullish structure. If BTC breaks and sustains above the top trendline, we could see the move extend to $90K, aligning with the next key level at $89.9K.
We saw a similar set up late last year, when BTC ranged between $50K–$70K, built out a textbook bull flag, and ultimately surged past the $88K target—with conviction.
BTC Total ETF Flows for 27 Mar: $ + 85.0 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
